More Details on This News

MITCON Consultancy & Engineering Services Limited (MITCON) announced that its wholly owned subsidiary, MITCON Sun Power Limited (MSPL), has entered into Share Purchase Agreements to sell a portion of its stake in its own wholly owned subsidiary, MITCON Impact Asset Management Private Limited (MIAMPL).

This transaction, executed on December 31, 2025, will result in MIAMPL ceasing to be a wholly owned subsidiary of MSPL and continuing as a subsidiary. The sale involves an aggregate of 4,900 Equity Shares of ₹10 each, at a consideration of ₹10 per share, totaling ₹49,000. The buyers are Mr. Suresh Goyal, acquiring 2,600 shares, and Vaultustech India Private Limited, acquiring 2,300 shares. These buyers do not belong to the promoter, promoter group, or group companies.

The net worth contributed by MIAMPL to MSPL was ₹8,51,000 (0.06% on standalone and consolidated basis), and its turnover was ₹28,10,000 (0.50% on standalone and 0.24% on consolidated basis) during the last financial year. The transaction is expected to be completed within 15 working days from the execution date, upon fulfillment of conditions subsequent. The divestment is anticipated to boost the business operations of the subsidiary.

Following the transaction, MSPL's shareholding in MIAMPL will reduce from 100% to 51%, with Mr. Suresh Goyal holding 26% and Vaultustech India Private Limited holding 23%. There will be no change in the shareholding of MSPL or MITCON Consultancy and Engineering Services Limited.