Exchange seeks clarification from NHPC for formation of a wholly-owned subsidiary company; Stock ends higher

The company’s board has accorded its investment approval to contribute initial equity of Rs5cr in the proposed subsidiary company.

Sep 28, 2021 03:09 IST India Infoline News Service

NHPC
The Exchange (NSE) has sought clarification from NHPC Limited with respect to the announcement dated September 24, 2021, regarding the formation of a wholly-owned subsidiary company by NHPC Limited.

The company is required to clarify the following;-
  • Brief details of any governmental or regulatory approvals required for the formation
  • The indicative time period for completion of the formation. The response of the company is awaited, the exchange said.
NHPC Board of Directors in its meeting held on September 24, 2021 inter-alia has considered and approved the proposal regarding formation of a wholly owned subsidiary company by NHPC Limited which will act as an investment vehicle and company for commissioned hydropower projects for facilitating the monetization of investment made, subject to approval of Government of India.

The Board has also accorded its investment approval to contribute initial equity of Rs5cr by NHPC Limited in the proposed subsidiary company.

NHPC Ltd ended at Rs28.30 per piece up by Rs0.5 or 1.8% from its previous closing of Rs27.80 per piece on the BSE.

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