KPI Green Energy down on board nod to acquiring power company

The board has approved acquiring 9,990 equity shares, representing 99.90 percent of the share capital, of KPark Sunbeat Private Limited for Rs 126 crore

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KPI Green Energy share was trading marginally lower in the early trade on October 12 after the company board’s approved the acquisition of a power generation company.

The company board on October 11 approved acquiring 9,990 equity shares, representing 99.90 percent of the share capital, of KPark Sunbeat Private Limited for Rs 126 crore.

The company will allot 15,18,480 equity shares having a face value of Rs 10 each at an issue price of Rs 830.15 per apiece on a preferential basis to Dr Faruk G Patel, promoter of the company and balance through cash consideration,the company said.

The issuance is subject to the approval of members of the company and such other regulatory/governmental authorities as may be required.

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KPark Sunbeat Private Limited develops solar power projects. It plans to set up a 70 MW solar park at Dhrangadhra and a 30 MW park in Surat in Gujarat. It is also owns 2,11,367 sq mtrs of land at Surendranagar in the state for solar power projects.

KPI Green Energy posted a 57 percent jump in its consolidated profit-after-tax (PAT) to Rs 34 crore for the July-September quarter of fiscal year 2023-24 (Q2FY24).

The company’s consolidated revenue rose 43 percent YoY to Rs 215 crore from Rs 159 crore.

Orders Bag In October

The company received orders for 4.20-MW solar power projects under the Captive Power Producer (CPP) segment.

The company also received orders aggregating to 12.10 MW for executing solar power projects, out of which 3.10 MW capacity will be undertaken by KPI Green Energy and 9 MW capacity by its wholly owned subsidiary, M/s. Sun Drops Energia Private Limited, under the Captive Power Producer (CPP) Segment.