HG Infra Engineering Ltd. has incorporated three new subsidiaries for its solar projects. Each of the subsidiaries will have an authorized, subscribed, and paid-up share capital of Rs 1 lakh.

The three new subsidiaries, HG Kushlawa Solar Project Pvt., HG Moolraj Solar Project Pvt., and HG Paleena Solar Project Pvt. will carry out business in solar power, the company said in an exchange filing on Saturday. The companies have been registered in Rajasthan.

Each subsidiary will hold 10,000 equity shares with a face of Rs 10. The transaction may be considered a related-party transaction; however, the promoters do not have any interest in the project.

The infrastructure company owns a 51% stake in each of the subsidiaries.

Shares of State Bank of India on Friday closed 0.42% higher. This compares to a 0.27% decline on the BSE Sensex Index.