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The Economic Times
The Economic Times
Surbhi Khanna

Solar Industries shares crash 9% after acquisition of South Africa’s Omnia Holdings for Rs 12,951 crore

Omnia Solar Industries Solar Africa Surbhi Khanna SEBI

Shares of Solar Industries crashed nearly 9% on Tuesday to day’s low of Rs 20,180 on NSE after the company announced the acquisition of South Africa’s Omnia Holdings.

According to a filing with the exchange, the company said that Solar SA Investments, a wholly owned step-down subsidiary of Solar Industries, will acquire all outstanding shares of Omnia in an all-cash transaction for a consideration of approximately US$1.355 billion (Rs 12,951 crore), subject to customary closing conditions, including receipt of required regulatory approvals and approval by Omnia shareholders.

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