EKI Energy Services to Acquire Majority Stake in Glofix Advisory Services

On May 12, 2024, EKI Energy Services informed the stock exchanges that the company’s Board of Directors approved the acquisition of 49% of equity shares in Glofix Advisory Services Private Limited, a subsidiary company. This acquisition will be in addition to the 51% shares held by the company at present, and subsequently, Glofix Advisory Services Private Limited will become a Wholly Owned Subsidiary (WOS) of EKI Energy Services.

Glofix Advisory Services Private Limited was incorporated on November 21, 2016. The Paid-Up capital was ₹10,00,000. As of March 31, 2023, Glofix Advisory Services Private Limited reported a turnover of ₹3,50,000.

After the acquisition, Glofix Advisory Services Private Limited will become a wholly-owned subsidiary of EKI Energy Services. The promoter and Chief Managing Director, Mr Manish Kumar Dabkara, holds 10% of the shares, while Mr Naveen Sharma, the Whole-time Director, holds 17%. Ms. Sonali Sheikh, also a Whole-time Director, has no ownership stake. The acquisition was based on a mutually agreed valuation report, ensuring an arm’s length transaction.

The company stated that the objective of this acquisition is that the strategic collaboration will improve its capability to provide a broader range of sustainable solutions and products, increase market share in the decarbonisation sector, access to new technologies, and implement projects.

The acquisition is expected to be completed by July 31, 2024. The subscription for shares will be settled in cash. The total consideration amounts to ₹13,29,860. This sum represents the subscription for 49,000 equity shares, each valued at ₹10, with an additional premium of ₹27.14 per share.

Glofix Advisory Services Private Limited offers a wide range of services in renewable and non-renewable energy sectors, such as consultancy, project implementation and project management. It also provides services to address global energy challenges efficiently.

About EKI Energy Services Limited

Formerly known as EnKing International, EKI Energy Services Ltd is a renowned player in the global climate sector, specialising in Carbon Credit Development and Supply. With over 15 years of experience, EKI Energy Services Ltd stands as a market leader, offering comprehensive solutions in climate change, carbon offsetting, and carbon asset management. In its quest to mitigate climate change, EKI Energy Services Ltd adheres to global standards such as CDM, VCS, Gold Standard, GCC, IREC, TIGR, and others.

On May 13, 2024, the share price of EKI Energy Services Limited opened at ₹327.20, touching the day’s low at ₹312.40, as of 10:15 AM on the BSE.

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