Divine Power Energy Limited — Important, 22-11-2024: Agreements

Divine Power Energy Limited has entered into a Share Purchase and Shareholders’ Agreement with Vimlesh Industries Private Limited, investing a total of Rs 70 Crore to acquire 100% of its paid-up share capital. This acquisition will make Vimlesh Industries a wholly-owned subsidiary, enabling the company to expand its operations within the electrical industry. Vimlesh Industries has an authorized share capital of Rs 1 Crore and a recent turnover of Rs 152.11 Crore for FY 2023-24. There are no related party transactions or regulatory approvals needed for this acquisition, which is expected to be completed within 60 days. This strategic move signals positive growth potential for Divine Power Energy as it diversifies its business portfolio.