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KPI Green Subsidiary, Sun Drops Approves Private Share Placement to Dr Faruk G. Patel

11 June 20243 mins read by Angel One
KPI Green Subsidiary Sun Drops approves private share issuance to Dr Faruk G. Patel, transitioning to a subsidiary and expanding its shareholder base.
KPI Green Subsidiary, Sun Drops Approves Private Share Placement to Dr Faruk G. Patel
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On June 7, 2024, Sun Drops Energia Private Limited, a wholly-owned subsidiary of KPI Green Energy Limited, gave Dr. Faruk G. Patel 10,66,098 shares. This will make up 16.62% of Sun Drops’ total shares. However, this decision must be approved by Sun Drops’ members and some other authorities before it happens.

After the private placement, KPI Green Energy Limited will no longer fully own Sun Drops. Instead, it will be a subsidiary, with KPI Green Energy Limited holding 83.38% of its total shares.

According to their audited financial statements, Sun Drops Energia Private Limited contributed ₹168 crore to KPI Green Energy Limited’s revenue and had a net worth of ₹73.98 crore in the last financial year. This means that for the financial year 2023-24, Sun Drops accounted for 16.42% of KPI Green Energy’s total revenue and 8.85% of its net worth.

The sale or disposal completion date is estimated to be June 20, 2024, but this is subject to the approval of Sun Drops’ members and other necessary approvals.

Consideration Received From Such Sale/Disposal

Sun Drops’ Board of Directors has approved the issuance of 10,66,098 equity shares at ₹469 per share, totalling ₹499.99 crore. KPI Green Energy Limited won’t receive any consideration from this transaction. However, it relies on the Proposed Allottee fully subscribing to the issue.

Brief Details Of Buyers

Dr Faruk G. Patel is the Chairman and Managing Director of KPI Green Energy Limited and is recognised as its founding promoter. Under his leadership, KPI Green Energy has grown significantly and established a reputable brand image in the renewable energy sector. Dr Patel possesses comprehensive expertise across all facets of the company’s operations and actively oversees its business affairs alongside a seasoned team.

About KPI Green Energy Limited

KPI Green Energy Ltd, a member of the KP Group, specialises in constructing, owning, operating, and servicing renewable energy installations, including solar and wind-solar hybrid power projects, both as an Independent Power Producer (IPP) and service provider to Captive Power Producers (CPPs) under the ‘Solarism’ banner.

On June 10, 2024, KPI Green Energy share price opened at ₹1,831.00, touching the day’s high of ₹1,863.00 as of 01:38 PM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

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