New Delhi, Sept. 15 -- Green energy company ACME Solar Holdings Ltd has dropped its plan to acquire Jaipur-based solar park developer AK Renewable Infra Pvt Ltd, just a week after inking the Rs 79.25 crore (around $9 million) deal.
The BSE- and NSE-listed company said in an exchange filing on Saturday that it had terminated the agreement, without disclosing any reason for the cancellation.
Earlier this month, ACME Solar had executed a share purchase agreement to acquire a 100% stake in AK Renewable, which is developing a 300 MW solar project in Rajasthan. Had the deal gone through, AK Renewable would have become a wholly-owned subsidiary of ACME Solar.
Founded in 2021, AK Renewable did not report any turnover as of FY25.
In July last year, ACME Solar filed for a $360 million (Rs 3,000 crore then) initial public offering and went public in November. This was, however, not the first time that ACME Solar, founded in 2015, tried to go public. It attempted to do so in 2017, 2018 and then again in 2021, but succeeded only in its fourth attempt.
ACME Solar's shares are currently trading near their all-time high, and the company has a market capitalization of more than Rs 19,100 crore.
ACME Solar's operational capacity was around 2.89 GW as of Q1 FY26, significantly up from 1.34 GW the previous year. It also has a contracted portfolio of 6.97 GW, and aims to reach an operational capacity of 7 GW by FY28 and 10 GW by 2030.
Last month, it secured Rs 15,000 crore in debt funding for greenfield projects, according to a news report.
Published by HT Digital Content Services with permission from VC Circle.