Hyderabad, Oct 27 (UNI) Trans-India Acquisition Corporation today announced that it has entered into a definitive agreement to acquire about 80 per cent of the Hyderabad-based privately held Solar Semiconductor Ltd for USD 375 million.
Solar Semiconductor designs, manufactures and sells solar photovoltaic (PV) modules for industrial, commercial, public utility and residential applications Internationally.
In a press release issued here, Trans-India Acquisition Corporation President and CEO Bobba Venkatadri said pursuant to the definitive agreement, Solar Semiconductor's shareholders would get an exchange for their stock shares of Trans-India common stock valued at eight dollar per share.
The holders of Solar Semiconductor options and warrants would get Trans-India options and warrants, based on the closing exchange ratio, he added.
The number of shares and options and warrants to be issued at closing would be based upon a purchase price of 5 million minus the aggregate amount of Solar Semiconductor's long-term indebtedness on the closing date in excess of million. In addition, the purchase price would be increased or decreased based on certain performance-based measurements. Upon the closing, the current shareholders of Solar Semiconductor would hold a majority of the outstanding shares of common stock of Trans-India, he added.
Mr Venkatadri said ''Solar Semiconductor's strategic positioning in the high growth-potential clean energy sector and its remarkably rapid expansion excited us to merge both companies to deliver attractive returns to our shareholders''.
''Access to capital markets is critically important for us to become market leaders in our sector. We are pleased to merge with Trans-India Acquisition, which will enable us to fuel our rapid growth and timely execute our business strategy,'' Solar Semiconductor President and CEO Hari Surapaneni said.
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