RITES Limited has announced the sale of its entire equity shareholding in its associate company, Elicius Energy Private Limited. The transaction involves 1,573 equity shares, representing 13% of the company’s capital, for a total consideration of ₹60,544.77. The divestment at a fair value of ₹38.49 per share is expected to be completed by the end of September 2026.
RITES Divests Associate Company Stake
RITES Limited has approved the sale and transfer of its entire equity shareholding in its associate company, Elicius Energy Private Limited. This strategic divestment was sanctioned by the Board of Directors during their 303rd meeting held on June 25, 2026, and subsequently approved by the Competent Authority on August 19, 2026.
Transaction Details
Currently, RITES holds 1,573 equity shares in Elicius Energy Private Limited, which constitutes 13% of its total equity share capital. The entire shareholding is being transferred to Dr. Raghunathan Rengasamy, who is a Promoter and Director of Elicius Energy Private Limited. The transaction is based on a fair value of ₹38.49 per equity share, resulting in an aggregate consideration of ₹60,544.77. This valuation was determined by M/s SPGM & Associates, Chartered Accountants.
Completion and Future Implications
The Share Transfer Deed is expected to be executed to facilitate the transfer. Upon completion, Elicius Energy Private Limited will no longer be an associate of RITES Limited. The sale is anticipated to be completed by the end of September 2026. The details of the transaction align with the requirements of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Key Information Summary
- Event: Sale of Entire Equity Shareholding
- Associate Company: Elicius Energy Private Limited
- Seller: RITES Limited
- Buyer: Dr. Raghunathan Rengasamy
- Number of Shares: 1,573 Equity Shares
- Percentage Stake: 13%
- Consideration: ₹60,544.77
- Per Share Price: ₹38.49
- Expected Completion: By September 30, 2026
Source: BSE
