Please be informed that, considering the increasing global focus on transition to Green Energy alternatives to offset the impact of carbon driven climate change, the Board of Directors of the Company in its meeting held on January 31, 2023 decided to explore businesses relating to Sustainable Energy Solutions. For this purpose, Board approved acquisition of Welspun New Energy Limited ('WNEL') (formerly known as Yeona Renewable Energy Limited), a promoter group company, at the fair value of Rs. 1 Lakh (Rupees One Lakh Only), to acquire 100% equity share capital being the face value thereof. Post exploration, the Company shall approach its Board for approvals w.r.t. business plan and other commitments, if any.
The details as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015 is given in Annexure to this letter.
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