Solar penny stock under Rs 40: Company divests 100% stake in Surana Technologies for Rs 4.15 crore, Ceasing control from May 22, 2025

Surana Solar Ltd has announced that it has ceased to have control over Surana Technologies Private Limited (STPL), effective May 22, 2025. This change follows an Investment Agreement dated May 22, 2025, and subsequent beneficial interest documents executed between Surana Solar, STPL, and Baidyanath Power Private Limited (BPPL), along with a decision by Surana Solar's Board of Directors on July 3, 2025. As a result, BPPL has been granted the right to appoint a majority of directors to STPL's Board, and STPL is no longer a subsidiary of Surana Solar. STPL, incorporated on November 28, 2023, had entered into a 25-year power purchase agreement with Maharashtra State Electricity Distribution Co. Ltd for a 54 MW (AC) solar project under the Mukhyamanatri Saur Krushi Vahini Yojna 2.0 scheme.

The disinvestment involved the transfer of a 49 per cent equity stake in STPL to Baidyanath Power Private Limited, and the aggregate consideration for the sale of the entire 100 per cent stake is Rs 4,15,54,000, which Surana Solar has already received. The expected date for the completion of the sale/disposal is September 30, 2025. Baidyanath Power Private Limited, the buyer, is a private limited company incorporated in 2009 and is not part of Surana Solar's promoter or promoter group companies. STPL had not contributed to Surana Solar's turnover, revenue, income, or net worth in the last financial year.

Earlier, the company had successfully secured a Power Purchase Agreement (PPA) for 25 years with Maharashtra State Electricity Distribution Co. Ltd. This agreement pertains to the implementation of a 54 MW (AC) solar photovoltaic power generating station, awarded under the Mukhyamantri Saur Krushi Vahini Yojna 2.0. The project, estimated to cost Rs 190 crore, will be executed by Surana Technologies Private Limited, a wholly-owned subsidiary of Surana Solar Limited. This strategic move reinforces the company's commitment to sustainable energy solutions and its ability to capitalise on growth opportunities in the renewable energy sector.

About the Company

Surana Solar Ltd (SSL), incorporated in 2006, is a prominent player in the solar energy industry, engaged in manufacturing solar photovoltaic modules, generating wind and solar power, and trading solar-related products. As a part of the Surana Group, SSL specialises in EPC of power projects on a turnkey basis, offering grid-connected and grid-off photovoltaic power plants. With its expertise in engineering, procurement, and construction, SSL undertakes projects ranging from 1 MW to 15 MW.

In FY25, the company reported net sales of Rs 38.80 per share and net profit of Rs 0.06 crore. From Rs 28.40 (52-week low) to Rs 34.48 per share, the stock is up by 21.4 per cent and gave multibagger returns of 330 per cent in 5 years.

Disclaimer: The article is for informational purposes only and not investment advice.