Inox Wind Arm Sells Entire 51% Stake in Sri Pavan Energy

Inox Wind, a leading wind energy solutions provider in India, said that its wholly-owned subsidiary, Inox Wind Infrastructure Services Ltd (IWISL), has sold its entire 51 per cent shareholding in Sri Pavan Energy for about Rs 5.1 lakh.

The Kailash Lal Tarachandani-led company said in a regulatory filing that, “our wholly-owned subsidiary, Inox Wind Infrastructure Services Limited (IWISL) has sold its entire 51 per cent shareholding held in Sri Pavan Energy Private Limited (SPEPL) on May 22, 2020.”

“Consequent upon the said sale, SPEPL has ceased to be the subsidiary of IWISL and in turn, step down subsidiary of the company w.e.f. May 22, 2020,” it added.

SPEPL was incorporated on April 09, 2018, with a paid-up capital of Rs 10 lakh. Moreover, the company had not commenced its commercial operations, as per the last audited Balance Sheet as at March 31, 2019.

Additionally, IWISL has sold its entire 51 per cent shareholding, comprising of 51,000 equity shares of Rs 10 each held in SPEPL, at a face value for cash to Sri KPR Infra & Projects Ltd, Inox further said.

The company has disclosed the information after the closing of stock market hours.

Meanwhile, shares of the company closed on Friday at Rs 25.70 apiece, down 1.91 per cent, from the previous close on the stock exchange.

Recently, the company in a separate notification also intimated that Vineet Valentine Davis has been appointed as an Additional Director and Whole-time Director of the company by the Board of Directors of the company, based on the recommendation of the Nomination and Remuneration Committee.

However, it is subject to the approval of the shareholders at the ensuing Annual General Meeting (AGM) of the company.

Davis has been appointed for a period of two years with effect from May 19, 2020. Further, Vineet Valentine Davis will also be a Key Managerial Personnel of the company in terms of section 203 of the Companies Act, 2013, Inox added.