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What is the story about?
Antony Waste Handling Cell Ltd. said its subsidiary Antony Lara Enviro Solutions Pvt. Ltd. has entered into agreements with Japan’s JFE Engineering Corporation for an investment of up to ¥750 million (approximately ₹44 crore) in two waste-to-energy projects in Andhra Pradesh.
The investment will be made in two special purpose vehicles (SPVs) — Kadapa Renew Energy Pvt. Ltd. and Kurnool Renew Energy Pvt. Ltd. — through a primary issuance of shares.
Following the transaction, JFE Engineering will acquire a 25% stake in each of the SPVs, while Antony Lara will retain the remaining 75%, the company said in an exchange filing on Wednesday, April 8.
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Currently, both SPVs are wholly owned subsidiaries of Antony Lara. Upon completion of the deal, they will cease to be wholly owned subsidiaries due to the stake dilution.
The partnership is aimed at setting up waste-to-energy projects in Andhra Pradesh, strengthening Antony Waste’s presence in the renewable and sustainable waste management segment.
The company added that JFE will have certain governance rights, including the ability to appoint a nominee director on the boards of the SPVs.
Also read: Shriram Finance shares surge 11% after board approves allotment of shares to MUFG
Shares of Antony Waste Handling Cell Ltd. surged following the announcement on Wednesday and were trading 445.90 as of 12.16 pm. The stock has fallen about 16.5% over the last six months.
The investment will be made in two special purpose vehicles (SPVs) — Kadapa Renew Energy Pvt. Ltd. and Kurnool Renew Energy Pvt. Ltd. — through a primary issuance of shares.
Following the transaction, JFE Engineering will acquire a 25% stake in each of the SPVs, while Antony Lara will retain the remaining 75%, the company said in an exchange filing on Wednesday, April 8.
Also read: PN Gadgil shares rise 6% after Q4 revenue surges 124%
Currently, both SPVs are wholly owned subsidiaries of Antony Lara. Upon completion of the deal, they will cease to be wholly owned subsidiaries due to the stake dilution.
The partnership is aimed at setting up waste-to-energy projects in Andhra Pradesh, strengthening Antony Waste’s presence in the renewable and sustainable waste management segment.
The company added that JFE will have certain governance rights, including the ability to appoint a nominee director on the boards of the SPVs.
Also read: Shriram Finance shares surge 11% after board approves allotment of shares to MUFG
Shares of Antony Waste Handling Cell Ltd. surged following the announcement on Wednesday and were trading 445.90 as of 12.16 pm. The stock has fallen about 16.5% over the last six months.
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