Mahindra Renewables sells its entire stake in three subsidiaries to CLP India aided by AZB & Partners

Mahindra Renewables Private Limited (Mahindra) has sold its entire stake in three subsidiaries to CLP India, a part of Hong Kong-based CLP Group, for nearly Rs. 340 crore. Mahindra sold its entire stake aggregating 100% of the paid-up equity share capital in Cleansolar Renewable Energy Pvt. Ltd. (CREPL), Divine Solren Pvt Ltd (DSPL) and Neo Solren Pvt Ltd (NSPL), wholly-owned subsidiaries of MRPL, to CLP India Pvt Ltd (CLP).

According to the regulatory filing of Mahindra & Mahindra, "We refer to our letter dated 21st February, 2020 ("Annexure 1"), informing that Mahindra Renewables Private Limited ("MRPL") a step-down wholly owned subsidiary of the Company, had on 21st February, 2020 agreed to sell 96,23,000 equity shares of Rs. 10 each held by MRPL in Cleansolar Renewable Energy Private Limited ("CREPL") aggregating to 100% of the paid-up Equity Share Capital of CREPL to CLP India Private Limited, for a consideration of Rs. 108.39 crores.

According to the regulatory filing, 1,20,80,000 equity shares of Rs. 10 each in DSPL were acquired at a price of Rs. 104.57 per share, aggregating to Rs 126.32 crores. CLP also bought 93,15,000 equity shares of Rs. 10 each of NSPL at a price of Rs. 112.37 per share aggregating to Rs 104.67 crore.

The team from AZB & Partners that advised Mahindra in this deal included Shameek Chaudhuri, Rinki Ganguli and Qais Jamal (Partners) and Rutunjay Singh (Senior Associates).

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