Swelect Energy Systems Q2 profit at Rs 5 cr, Energy News, ET EnergyWorld

Swelect Energy Systems Q2 profit at Rs 5 crNew Delhi: Swelect Energy Systems on Tuesday reported over 50 per cent decline in consolidated profit at Rs 5.03 crore for September quarter of the ongoing fiscal year. It logged a profit of Rs 10.16 crore in the year-ago quarter, a BSE filing said.

Total income rose to Rs 72.85 crore in the quarter from Rs 58.72 crore in the same period a year ago.

The company has accepted the offer made by SWELECT Renewable Energy Pvt Ltd (SREPL) to acquire shares on private placement basis by investing Rs 13.22 crore which shall be divided into 1,32,21,222 equity shares of Rs 10 each to set up a 11 MW solar power plant under captive use model, it said.

SREPL is a wholly-owned subsidiary of the company.

Subsequent to the acceptance of the offer, there shall be change in holding from the last disclosure made which exceeds two per cent of the total shareholding in SREPL.

The board took note that consequent to the equity investment proposal of 26.01 per cent by other corporate investors namely Hatsun Agro Product, Prashanth Fertility Research Centre and Mudhra Fine Blanc Pvt Ltd in SREPL, the status of SREPL will change from wholly-owned subsidiary to subsidiary with effect from the date of allotment.

The company was authorised to execute share subscription agreement and shareholders agreement and other ancillary agreements between the parties in connection with setting up of the 11MW solar power project.

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