TVS Srichakra invests in Evincea Renewables for solar power

TVS Srichakra (BSE: TVSSRICHAK) has invested Rs. 1,02,50,000/- in Evincea Renewables (Three) Private Limited ("ER3PL") by acquiring 10,25,000 shares at face value (Rs.10/- each). This translates to 26.02% of ER3PL's equity share capital. Further to this, TVS Srichakra has also made an investment of Rs. 1,02,50,000/- in Evincea Renewables (Six) Private Limited (“ER6PL”) by acquiring 10,25,000 shares at face value (Rs.10/- each) also translating to 26.02% of ER6PL's equity share capital. Both investments aim to purchase solar power under a group captive structure. ER3PL was incorporated on 10/11/2023 and ER6PL on 04/03/2024. Both entities are special purpose vehicles formed by Manikaran Renewables Limited, focusing on renewable energy generation from solar, wind, and hybrid sources, intending to supply power to various consumers. The acquisition is not a related party transaction. The indicative completion date for both acquisitions is 26.02.2025, with consideration paid in cash.