Sembcorp Utilities, a wholly-owned subsidiary of Sembcorp Industries (Sembcorp), has signed a non-binding term sheet with Gayatri Energy Ventures Pte Ltd (GEVPL), a wholly owned subsidiary of Gayatri Projects Limited, to acquire the remaining 5.95% stake in Sembcorp Energy India Limited (SEIL). Following the completion of the proposed acquisition, Sembcorp will become the sole owner of SEIL. The purchase price for the shares is approximately ₹406 crore in cash. The acquisition will be funded through a mix of internal funds and borrowings.
Sembcorp buys out Gayatri Projects’ 5.95% stake in its subsidiary for ₹406 cr
Date posted: Thursday 5 December 2019