Avyan Renewable Solar’s Acquisition in SunEdison Reduced to 31%

Avyan Renewable Solar will now acquire 13,91,896 equity shares representing 31% of the equity share capital of SunEdison, according to a recent corporate filing by SunEdison with the Bombay Stock Exchange (BSE).

Initially, the share purchase agreement (which has now been amended) was signed with SunEdison Infrastructure Limited (formerly YKM Industries Limited) to acquire 16,83,713 equity shares representing 37.50%.

However, all other terms and conditions of the SPA will remain the same.

According to the letter from Keynote Financial Services Limited, “Further, there has been no change in terms of the open offer and Avyan Renewable Solar is in the process of completion of open offer requirements in terms of applicable provisions of the SEBI Regulations.”

The letter also mentions that the open offer to the public equity shareholders of SunEdison Infrastructure Limited opened on September 19, 2019, and closed on October 03, 2019.

In July 2019, Mercom had reported that SunEdison announced the acquisition of Megamic Electronics Private Limited and Enrecover Energy Solutions.

SunEdison Infrastructure Limited, a Chennai-based company, works as an installer of solar water pumps, rooftop solar, among other service offerings.

Other acquisition news in the past several months included some diverse transactions.

In February 2019, the Competition Commission of India had announced that it had approved Power Finance Corporation’s (PFC) acquisition of a 52% stake in Rural Electrification Corporation (REC). In December 2018, the acquisition received in-principle approval from the Cabinet Committee on Economic Affairs. Both REC and PFC are government-owned non-banking financial companies (NBFCs) that provide financing to power projects in India.

In September 2019, Mercom reported that Adani Transmission Limited (ATL) signed a share purchase agreement and completed the acquisition of the special purpose vehicle of Bikaner-Khetri Transmission Limited, incorporated by PFC Consulting Ltd.

In June 2019, Japanese trading and investment company Mitsui & Co Limited (Mitsui) announced that it has agreed with Indian engineering, procurement, and construction company (EPC), Mahindra Susten, to develop and operate distributed solar projects in India jointly.

Mitsui has acquired a 49% stake in Marvel Solren Private Limited, a Mahindra company that already has a portfolio of 16 MW of distributed solar.

Further, Mumbai-based global pharmaceutical major Cipla Limited signed an agreement to acquire a 26% stake on a fully diluted basis in AMP Solar Power Systems Private Limited.