Executes Share Purchase Agreement for sale/transfer of 12,04,999 equity shares of MITCON Solar Alliance Ltd
The company has executed a Share Purchase Agreement to sell/transfer 12,04,999 equity shares of MITCON Solar Alliance Ltd.
- Shares Sold/Transferred
- 12,04,999 equity shares of MITCON Solar Alliance Ltd
- Consideration
- Rs.2,40,49,990/- plus applicable taxes, duties and other charges
- Expected Completion
- within a month
What has been executed
The company has executed a Share Purchase Agreement for the sale/transfer of 12,04,999 equity shares of MITCON Solar Alliance Limited to MITCON Sun Power Limited. Accordingly, upon completion of the transaction, the company shall cease to be a shareholder of MITCON Solar Alliance Limited.
Consideration
The aggregate consideration for the sale/transfer is Rs.2,40,49,990/- plus applicable taxes, duties and other charges, as may be applicable.
Who is the buyer
- MITCON Sun Power Limited.
- It is a wholly owned subsidiary of MITCON Consultancy & Engineering Services Limited.
- It does not belong to the Promoter/Promoter Group of the company.
Is it a related party transaction
No. The update states the transaction is not a related party transaction.
About MITCON Solar Alliance Limited
- It is a Special Purpose Vehicle (SPV) formed by MITCON Consultancy & Engineering Services Limited through its wholly owned subsidiary, MITCON Sun Power Limited, for setting up and operating a Captive Solar Power Plant.
- It is a subsidiary of MITCON Consultancy & Engineering Services Limited and is neither an Associate Company nor a Subsidiary Company of the company.
Its financials for FY 2025-26 (latest audited)
- Total Income: Rs. 679.26 Lakhs
- Total Equity: Rs. 984.81 Lakhs
Dates to note
- Agreement for sale entered into on: 07th October, 2026
- Expected date of completion of sale/disposal: within a month
Other points in the annexure
- Whether the sale, lease or disposal of the undertaking is outside a Scheme of Arrangement: Not Applicable.
- Slump sale indicative disclosures: Not Applicable.
What to take away
- The company is exiting its holding in an entity that the update describes as neither an associate nor a subsidiary of the company.
- The buyer is not part of the promoter group, and the transaction is not a related party transaction.
More numbers
- Equity shares of MITCON Solar Alliance being sold/transferred12,04,999
- Aggregate consideration for the sale/transferRs.2,40,49,990/-
- Total Income of MITCON Solar Alliance (FY 2025-26, audited)Rs. 679.26 Lakhs
- Total Equity of MITCON Solar Alliance (FY 2025-26, audited)Rs. 984.81 Lakhs
- Expected time to complete the sale/disposalWithin a month
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