Alkem Lab jumps after jointly with arm inks pact to invest Rs 1.95-cr in Sunsure Solarpark

Alkem Laboratories added 2.12% to Rs 5502.65 after the company along with its subsidiary, Enzene Biosciences has entered into agreement with Sunsure Solarpark Twenty Two and Sunsure Energy to acquire 26% stake in Sunsure Solarpark.

The company along with Enzene Bioscience entered into share subscription and shareholder agreement.

Sunsure Solarpark is a wholly owned subsidiary of Sunsure Energy is engaged in the business of generation, production and distribution of electricity from renewable energy sources.

The companies will acquire 26% stake in Sunsure Solarpark for total consideration of Rs 1.95 crore to purchase renewable power source in compliance with the environmental social governance thereby resulting in reduced power/ electricity costs.

 

In order to comply with regulatory requirement, the company and Enzene shall, being the captive users, collectively hold not less than 26% stake in the equity share capital of Sunsure Solarpark on a fully diluted basis and consume the solar energy generated therefrom, throughout the term of Share Subscription and Shareholders Agreement and certain other transaction documents.

Total contribution for the acquisition of equity share capital of Sunsure Energy will be Rs 1.95 crore, with Alkem Laboratories contributing Rs 93.60 lakh while Enzene Bioscience contributing Rs 1.01 crore. Alkem will hold 26% stake in Sunsure Energy while Enzene Bioscience will hold a 13.52% stake.

The said transaction will be completed by the end of April 2025.

Alkem Laboratories is engaged in pharmaceutical business with global operations. The company is engaged in the development, manufacture and sale of pharmaceutical and nutraceutical products.

The companys consolidated net profit jumped 11% to Rs 688.64 crore in Q2 FY25 as compared with Rs 620.52 crore in Q2 FY24. Net sales fell marginally 0.7% YoY to Rs 3414.67 crore in Q2 FY25.

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