As per the agreement, Clean Max Kratos would build and operate a hybrid 28.05 MW solar and 33.00 MW wind power facility under the captive model allowed by the Electricity Laws. This initiative will allow UPL to expand its renewable energy usage from 8% to 30% of total worldwide power consumption.
As per the company, no governmental or regulatory approvals are required for the investment.
The company is expected to complete the transaction within a period of 30 days.
UPL will initially acquire 2,600 shares of Rs10 each (26% stake of paid-up share capital) in Clean Max Kratos for consideration of Rs26,000, stated the company in its regulatory filing.
UPL would invest an additional Rs39.60 crore in Clean Max Kratos in one or more tranches, keeping its stake at 26% of the paid-up share capital.
At around 10.28 AM, UPL was trading at Rs727.65 per piece, down by 2.05% from its previous closing of Rs742.85 on the BSE. The scrip opened at Rs748.85 and touched intraday high and low of Rs753 and Rs726.25 respectively.
For feedback and suggestions, write to us at editorial@iifl.com
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Securities Support WhatsApp Number
+91 9892691696
www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.