Genus Power Solutions Acquires Maharashtra Akola Amravati Smart Metering

Genus Power Solutions Private Limited (GPSPL), a wholly owned subsidiary of Genus Power Infrastructures Limited, entered into a Share Purchase Agreement (SPA). GPSPL will purchase 30,000 equity shares, representing 30% of Maharashtra Akola Amravati Smart Metering Private Limited’s total share capital.

Upon completing this share transfer, Maharashtra Akola Amravati Smart Metering Private Limited will become a wholly-owned subsidiary of GPSPL and a wholly-owned step-down subsidiary of Genus Power Infrastructures Ltd.

This acquisition is a related party transaction as the target company is a subsidiary of Genus Power Solutions Private Limited (GPSPL), a wholly-owned subsidiary of Genus Power Infrastructures Limited. The promoters, promoter group, and group companies have no further interest in the transaction, which is conducted at arm’s length.

Objective of Acquisition

The primary objective of this acquisition is to enable Genus Power Solutions Private Limited to undertake the AMISP Project by purchasing 100% of the shares of Maharashtra Akola Amravati Smart Metering Private Limited.

Acquisition Details

The consideration for this acquisition is in cash. The cost of acquiring 30,000 equity shares is at a face value of ₹1 each, totalling ₹30,000.

About Maharashtra Akola Amravati Smart Metering Private Limited

Maharashtra Akola Amravati Smart Metering Private Limited was incorporated on August 31, 2023, and is a private limited company with its registered office in Rajasthan. It specialises in the manufacturing of various types of smart, advanced, and prepaid meters. It has an authorised and subscribed capital of ₹1,00,000 with no recorded turnover.

About Genus Power Infrastructures Limited

Genus Power Infrastructures Limited, part of the Kailash Group and incorporated in 1992, specialises in manufacturing and providing metering solutions. Additionally, it handles engineering, construction, and contract projects on a turnkey basis. It operates 4 manufacturing units with an annual production capacity of over 10 million meters. Its major customers include state electricity boards (SEBs) and private utilities such as NDPL and Reliance Energy, which are power distribution companies (DISCOMs).

On July 02, 2024, Genus Power Infrastructures Limited’s share price opened at ₹340.00, touching the day’s low at ₹330.75 as of 09:40 AM on NSE.

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