MITCON Subsidiary Acquires 26.72% Stake in MITCON Solar Alliance for ₹2.4 Crore
MITCON's subsidiary, MITCON Sun Power Limited, is acquiring 26.72% stake in MITCON Solar Alliance Limited for ₹2.4 Crore. This increases its holding to 74%, making MITCON Solar Alliance a step-down subsidiary. The transaction is expected to complete within 60 days.
The acquisition is of a material subsidiary, which is a significant step for the company's strategic growth in the renewable energy sector. The financial consideration is substantial for the company.
The acquisition is positive as it increases the company's stake in a subsidiary, consolidating control and potentially enhancing its presence in the solar energy sector.
MITCON Consultancy & Engineering Services Limited announced that its wholly owned subsidiary, MITCON Sun Power Limited, has executed a Share Purchase Agreement to acquire 12,04,999 equity shares of ₹10 each in MITCON Solar Alliance Limited. The acquisition, for an aggregate consideration of ₹2,40,49,990 (Rupees Two Crores Forty Lakhs Forty-Nine Thousand Nine Hundred and Ninety only), will increase MITCON Sun Power Limited's shareholding in MITCON Solar Alliance Limited from 47.28% to 74%. Consequently, MITCON Solar Alliance Limited will become a step-down subsidiary of MITCON Consultancy & Engineering Services Limited.
MITCON Solar Alliance Limited operates in the Solar Power Generation industry. Its authorized share capital is ₹10,00,00,000 and paid-up share capital is ₹9,51,00,000. For the year ended March 31, 2026, its turnover was ₹6,70,39,000. The company was established on May 15, 2018, and focuses on various aspects of renewable energy generation, equipment, and trading. The acquisition is a cash transaction and is expected to be completed within 60 days, subject to the fulfillment of conditions precedent in the Share Purchase Agreement dated October 07, 2026.
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MITCON Consultancy & Engineering Services Limited filed this with the NSE as a statutory disclosure, categorised under acquisition. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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