Troubled Meenakshi Energy Ltd becomes wholly-owned arm of Vedanta
Anil Agarwal-promoted Vedanta on Wednesday said Meenakshi Energy Ltd has become its wholly-owned subsidiary.
The National Company Law Tribunal had earlier approved Vedanta's acquisition of Meenakshi Energy for Rs 1,440 crore.
"Meenakshi has allotted 10,00,000 fully paid-up equity shares of Rs 10 each amounting to equity capital of Rs 1 crore to the company, consequent to which, Meenakshi has become a wholly-owned subsidiary of the company with effect from December 27," Vedanta said in a regulatory filing.
Vedanta had earlier said that it will acquire bankrupt thermal power company Meenakshi Energy for Rs 1,440 crore through an insolvency process.
"This letter is in continuation to the stock exchange announcements made by Vedanta Limited (the company) vid...