Mahindra & Mahindra has terminated a share purchase agreement signed with CLP India to sell the entire stake held by its step down arm Mahindra Renewables Private Limited (MRPL) in Neo Solren Private Limited (NSPL) for Rs 1.04 billion.
MRPL had agreed to sell its entire stake aggregating 100 per cent of the paid-up equity share capital in Cleansolar Renewable Energy Private Limited (CREPL), Divine Solren Private Limited (DSPL) and NSPL, wholly-owned subsidiaries of MRPL, to CLP India. As per the agreement CLP was to buy 9,315,000 equity shares of Rs 10 each of NSPL at a price of Rs 112.37 per share aggregating to Rs 1.04 billion. Delays in sale closure have been cited as the reason for cancellation.