Aloe Private Equity sold about 3.8% stake in Indian clean energy producer Greenko Group for about 10.1 million pounds ($16.2 million), Reuters reported. Following the sale Aloe will hold about 14.1 percent stake in Greenko, remaining the company’s largest shareholder, Reuters said.
(Reuters) – Greenko Group’s largest shareholder Aloe Private Equity sold about 3.8 percent stake in the Indian clean energy producer to a company owned by Greenko’s founders for 10.1 million pounds ($16.2 million).
ACMK Enterprise, owned by Greenko Chief Executive Anil Chalamalasetty and President Mahesh Kolli, bought 4.5 million shares from Aloe at 225 pence apiece, a 16 percent premium to the stock’s Friday close.
The purchase was settled by 2.25 million pounds paid at the time of the deal with the balance being payable before February 2013, Greenko, which is valued at 232 million pounds, said in a statement.
As of Dec. 15, Aloe had a 17.85 percent stake in Greenko, while Chalamalasetty and Kolli owned 4.1 million shares, or 3.4 percent each.
Following the sale Aloe will hold about 14.1 percent stake in Greenko, while ACMK will own 10.6 percent.
In December, Greenko had posted an eight-fold rise in its first-half pretax profit, aided by an uplift in its operating capacity following a push into the fast-growing wind energy market.
Greenko shares, which have gained nearly a quarter of their value over the past year, were up 7 percent at 208 pence at 0914 GMT on London Stock Exchange.
($1 = 0.622 British Pounds) (Reporting by Tresa Sherin Morera in Bangalore; Editing by Prem Udayabhanu)