Biotechnology major Biocon on Monday said it has inked an agreement for the acquisition of 26% stake on a fully diluted basis in Hinduja Renewables Two Pvt Ltd for Rs 5.91 crore.
The indicative time period for completion of the acquisition is December 15, 2020, Biocon said in a BSE filing.
The cost of the acquisition is Rs 5,91,61,730 for the acquisition of 26% stake on a fully diluted basis in one or more tranches, it added.
The object of the stake acquisition is to enhance the renewable-based power consumption, the filing said.
Shares of Biocon Ltd closed at Rs 419.35 per scrip on BSE, down 0.18% from its previous close.
HRTPL was incorporated on 25 September 2020 which will engage in the business of power generation. it also plans to develop a 19.77 MW wind power plant at Raichur District of Karnataka.