Pennar Industries Ltd has decided to sell its stake in its subsidiary Pennar Renewables Private Ltd to Greenko Solar Energy Private Ltd.
Once the sale completes, the debt of the company will reduce by around ₹ 101 crore from its consolidated balance sheet, said a release on the meeting of Pennar Industries’ Board of Directors on Monday and the first quarter results of the company.
The proceeds from the sale will be used by Pennar Industries to expand its product base and addressable markets, the release said.
Q1 net up
The consolidated net profit of Pennar Industries for the quarter ended June was ₹ 10.7 crore, an increase of 37.8% compared to the ₹ 7.8 crore in the corresponding quarter of the previous fiscal.
Total revenue of the company increased by 35.9% to ₹ 460 crore (₹ 338.4 crore).
