Swelect Energy Sells 26% Stake in ESG Solar for ₹31 Lakhs
Swelect Energy Systems Limited approved the transfer of a 26% stake in its subsidiary, ESG Solar Energy Private Limited, to Garg Acrylics Limited for ₹31 lakhs. The transaction was executed on August 31, 2026. ESG Solar has NIL revenue and a negative net worth of ₹7.83 lakhs.
The sale of a stake in a subsidiary that has not yet commenced operations and has a negative net worth is unlikely to have a significant impact on the overall financial performance or strategic direction of Swelect Energy Systems Limited.
The transaction involves the sale of a stake in a subsidiary that has not yet commenced operations and has a negative net worth. While it generates revenue for the company, the overall financial impact is not substantial enough to be considered positive or negative.
Swelect Energy Systems Limited has approved the transfer of 2600 equity shares, representing a 26% stake in its wholly-owned subsidiary, ESG Solar Energy Private Limited, to Garg Acrylics Limited. The transaction, executed on August 31, 2026, involves a consideration of ₹31,00,000 (Rupees Thirty One Lakhs Only).
ESG Solar Energy Private Limited is yet to commence commercial operations and has a NIL turnover and income, with a negative net worth of ₹7.83 lakhs as per the audited financial statements for FY 2025-2026. Following the share transfer, ESG Solar Energy Private Limited will change its status to a subsidiary company of Swelect Energy Systems Limited.
Garg Acrylics Limited, incorporated on November 22, 1983, in India, is the transferee and does not belong to the promoter or promoter group or group companies of Swelect Energy Systems Limited. The transaction is not considered a related party transaction. The expected date of completion of the sale/disposal is subject to the approval of the Board of ESG Solar Energy Private Limited.
A plain-language summary of a public exchange filing by Swelect Energy Systems Limited. Read the original for the full detail.