Mahindra CIE subscribes over 7.85 lakh shares of Sunbarn Renewables for sourcing green energy; Stock climbs 6%

Sunbarn is engaged in Solar Power Generation and Supply.

Mar 23, 2021 01:03 IST India Infoline News Service

Mahindra CIE Automotive has subscribed 7,85,313 equity shares of Sunbarn Renewables for sourcing green energy on captive basis and optimizing the power cost.

In its regulatory filing, Mahindra CIE said that the  Company has been taking various steps to optimize its power cost and increase the consumption of green energy at various power intense plants of the Company.

Mahindra CIE stated that to qualify as a captive consumer, the Company must hold atleast 26% of the total equity capital of the Power Generating Plan (s). Accordingly, the investment is essentially to qualify as a captive consumer and thereby optimising the power cost at the plants of Forgings, Chakan and Magnetic Products Division, Bhosari, Pune.

Sunbarn is engaged in Solar Power Generation and Supply.

Currently, Mahindra CIE holds 87,500 equity shares of Sunbarn.

The latest shares subscribed will be allotted on or before 25th March 2021.

At around 1.10 pm, Mahindra CIE was trading at Rs170.60 per piece up by 5.4% on Sensex.

The stock has surged nearly 6% after touching an intraday high of Rs171.50 per piece on Sensex in early deals.

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