Sembcorp Industries increased its effective stake in its India energy arm, Sembcorp Energy India Ltd., or SEIL, to 94.05 percent from 93.73 percent, the company said in a filing to SGX Wednesday.
That was after Sembcorp’s wholly owned subsidiary Sembcorp Utilities subscribed to 275 million additional shares in SEIL, injecting equity of around S$101.6 million, or 5.17 billion rupees, the filing said.
The funds will be used to support the growth of the India renewable energy business, Sembcorp said.
The deal was funded via a mix of internal funds and borrowings, the filing said.
The remaining stake in SEIL is held by Sembcorp Utilities’ local partner, Gayatri Energy Ventures, Sembcorp said.
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