Vatsala New Renewable Energy Limited entered into a term sheet to acquire Madhav Solar Karnataka Private Ltd from Waa Solar Limited (BSE:541445) on May 18, 2018. Share purchase agreement will be executed on or before June 15, 2018. Under the terms, Vatsala New Renewable Energy Limited will acquire 16.93 million shares of Madhav Solar (Karnataka) Private Limited. If Vatsala New Renewable Energy Limited and Waa Solar Limited are unable to execute the definitive agreement due to failure of the Vatsala New Renewable Energy Limited then Waa Solar Limited will not refund INR 10 million. On account of execution of the share purchase agreement, Madhav Solar (Karnataka) Private Limited will cease to be the subsidiary of Waa Solar Limited. Share Purchase Agreements shall be executed by the Waa Solar Limited when the lenders of Madhav Solar (Karnataka) Pvt. Ltd will accept Vatsala Group as new borrower or Vatsala Group are able to arrange new lenders. Vatsala New Renewable Energy Limited cancelled the acquisition of Madhav Solar Karnataka Private Ltd from Waa Solar Limited (BSE:541445) on May 18, 2019.