Finance, Other, solar

Swelect Energy to invest Rs 22 cr in HHV Solar Technologies

According to reports, Swelect Energy Systems Limited (SESL) has planned to invest Rs 22 crore in HHV Solar Technologies Ltd, a Bangalore based company.

This would be done through subscription of equity shares in the company and by purchase of stake held by SIDBI Venture Capital Ltd, SESL said in a statement to the stock exchanges today.

The board of directors of SESL, earlier known as Numeric Power System Ltd, had on Jan 7 approved subscription to 10,15,079 shares in HHV Solar Technologies Private Ltd and purchase of  8,17,391 equity shares from SIDBI Venture Capital Ltd that it held in HHV Solar.

The company said the aggregate investment for the proposed transaction was around Rs 22 crore.

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