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<p>Avyan Renewable Solar will now acquire 13,91,896 equity shares representing 31% of the equity share capital of SunEdison, according to a recent corporate filing by SunEdison with the Bombay Stock Exchange (BSE).</p>
<p>Initially, the share purchase agreement (which has now been amended) was signed with <a href="http://www.sunedisoninfra.com/" target="_blank" rel="noopener noreferrer">SunEdison Infrastructure Limited</a> (formerly YKM Industries Limited) to acquire 16,83,713 equity shares representing 37.50%.</p>
<p>However, all other terms and conditions of the SPA will remain the same.</p>
<p>According to the letter from <a href="http://www.keynoteindia.net/" target="_blank" rel="noopener noreferrer">Keynote Financial Services Limited</a>, “Further, there has been no change in terms of the open offer and Avyan Renewable Solar is in the process of completion of open offer requirements in terms of applicable provisions of the SEBI Regulations.”</p>
<p>The letter also mentions that the open offer to the public equity shareholders of SunEdison Infrastructure Limited opened on September 19, 2019, and closed on October 03, 2019.</p>
<p>In <a href="https://mercomindia.com/sunedison-acquire-renewable-companies/">July 2019</a>, Mercom had reported that SunEdison announced the acquisition of Megamic Electronics Private Limited and Enrecover Energy Solutions.</p>
<p>SunEdison Infrastructure Limited, a Chennai-based company, works as an installer of solar water pumps, rooftop solar, among other service offerings.</p>
<p>Other acquisition news in the past several months included some diverse transactions.</p>
<p>In February 2019, the Competition Commission of India had announced that it had approved Power Finance Corporation’s (PFC) acquisition of a <a href="https://mercomindia.com/power-finance-corporations-acquisition-52-stake-rec-approved/" target="_blank" rel="noopener noreferrer">52% stake</a> in Rural Electrification Corporation (REC). In December 2018, the acquisition received in-principle approval from the Cabinet Committee on Economic Affairs. Both REC and PFC are government-owned non-banking financial companies (NBFCs) that provide financing to power projects in India.</p>
<p>In September 2019, Mercom reported that Adani Transmission Limited (ATL) signed a <a href="https://mercomindia.com/adani-acquires-transmission-project-rajasthan/" target="_blank" rel="noopener noreferrer">share purchase agreement</a> and completed the acquisition of the special purpose vehicle of Bikaner-Khetri Transmission Limited, incorporated by PFC Consulting Ltd.</p>
<p>In June 2019, Japanese trading and investment company Mitsui &amp; Co Limited (Mitsui) announced that it has agreed with Indian engineering, procurement, and construction company (EPC), Mahindra Susten, to develop and operate distributed solar projects in India jointly.</p>
<p>Mitsui has acquired a <a href="https://mercomindia.com/mitsui-acquire-mahindra-groups-cleantech-arm/" target="_blank" rel="noopener noreferrer">49% stake</a> in Marvel Solren Private Limited, a Mahindra company that already has a portfolio of 16 MW of distributed solar.</p>
<p>Further, Mumbai-based global pharmaceutical major Cipla Limited signed an agreement to acquire a <a href="https://mercomindia.com/cipla-to-acquire-26-stake-in-amp-solar/" target="_blank" rel="noopener noreferrer">26% stake</a> on a fully diluted basis in AMP Solar Power Systems Private Limited.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/anjana/" class="vcard author" rel="author"><span class="fn">Anjana Parikh</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2019/06/Anjana2.png" width="112" height="121" />Anjana is a news editor at Mercom India. Before joining Mercom, she held roles of senior editor, district correspondent, and sub-editor for The Times of India, Biospectrum and The Sunday Guardian. Before that, she worked at the Deccan Herald and the Asianlite as chief sub-editor and news editor. She has also contributed to The Quint, Hindustan Times, The New Indian Express, Reader’s Digest (UK edition), IndiaSe (Singapore-based magazine) and Asiaville. Anjana holds a Master’s degree in Geography from North Bengal University, and a diploma in mass communication and journalism from Guru Ghasidas University, Bhopal.</p>
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Avyan Renewable Solar’s Acquisition in SunEdison Reduced to 31%

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