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Trans-India to buy major stake in Solar

HYDERABAD: U.S.-based Trans-India Acquisition Corporation will be acquiring 80 per cent of stake in Solar Semiconductor Ltd.

Trans-India Acquisition is a special purpose acquisition corporation promoted by N. Vaghul, former chairman of ICICI and Venkatadri Bobba, a venture capitalist. President and CEO of Solar Semiconductor Hari Surapaneni said here on Monday that the transaction was valued at $375 million. Mr. Surapaneni said the shareholders of Solar Semiconductor would get shares of Trans India in exchange for their stock, assessed at $8 a share. He said it was not a sale of equity but swap of shares. It was not even a cash deal. Once the formalities were completed, a new entity, Solar Semiconductor Corporation, would emerge. Solar Semiconductor, which was incorporated in Cayman Islands, had manufacturing plants here with an annual capacity of 75 MW solar photovoltaic modules.

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