Wipro Reduces Stake in Solar Project SPV to 7.07%

15 Apr 2024 , 02:27 PM

The IT giant Wipro announced on Friday that it had reduced its ownership of FPEL Ujwal Private Limited from 9.95% to 7.07%. Wipro's stock dropped 1.33% to ₹470.90 on the BSE. On the BSE, Wipro's market value dropped to ₹2.46 lakh Crore. 3.50 lakh shares of the company were traded in total, translating into a BSE turnover of ₹16.57 Crore.

On Friday, after market hours, the news was released. This year, Wipro shares have dropped 1.34% after rising 26.53% last year. With a one-year beta of 0.8, the stock shows extremely little volatility over that time.

According to Wipro, FPEL has converted its existing Optionally Convertible Debentures (OCDs) into equity shares and issued equity shares to new offtakers. With effect from April 11, 2024, Wipro's stake has decreased from 9.95% to 7.07% as a result of these transactions.

The company signed a final agreement to subscribe for ₹6.3 Crore worth of equity shares in FPEL Ujwal Private Limited in September of last year. It was anticipated that the transaction will be finished by May 31, 2024.

The purpose of the share acquisition was to increase the percentage of renewable energy used by the Wipro offices in Karnataka.

"This project is expected to help us move closer to our goal of becoming net zero by 2040 and 100% renewable energy for purchased electricity by 2030," the business stated.

Fourth Partner Energy Private Limited established FPEL, a Special Purpose Vehicle, in February 2022 with the aim of establishing captive solar power projects in Karnataka.

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