October 15 (Renewables Now) - India’s Avyan Renewable Solar Pvt Ltd will acquire a 31% equity stake in Chennai-based solar installer SunEdison Infrastructure (BSE:531260), according to an amended share purchase agreement plan.
As part of the proposed deal, Avyan Renewable will purchase 1.39 million of SunEdison’s shares, the target entity said in a bourse filing on Thursday. The open offer to the public equity shareholders of SunEdison was open between September 19 and October 3. It initially called for Avyan Renewable to buy 1.68 million SunEdison shares, representing a 37.5% stake. This offer, managed by Keynote Financial Services Ltd, was made in July.
Except for the stock amount, all other terms and conditions of the share purchase offer remain unchanged. Financial terms were not available.
SunEdison Infrastructure, previously known as YKM Industries, operates as an installer of rooftop photovoltaic (PV) systems, solar water pumps and is also a construction services provider.