H.G. Infra Engineering Limited — Important, 13-12-2024: Updates

H.G. Infra Engineering has transferred a 26% stake in 23 of its wholly-owned subsidiary solar projects to Stockwell Solar Projects Private Limited (SSSPL). These projects include H.G. Badu, H.G. Barni, H.G. Bhada, among others. Following this transfer, the subsidiaries remain part of H.G. Infra's structure but are no longer wholly owned. Each project, all established in FY 2024-25, contributed no revenue during the last financial year, as they are newly incorporated entities. The stake transfer, based on a Letter of Award dated March 18, 2024, involves a cash consideration of Rs. 26,000 for each subsidiary, expected to be completed by December 18, 2024. SSSPL, established by IIT graduates in 2017, specializes in solar energy solutions and does not belong to the promoter group. The transaction is not classified as a related party transaction and is expected to support H.G. Infra's renewable energy initiatives going forward.