GMR Power -; Urban acquires 100% stake in GMR Green Energy; Stock jumps 5%

23 Jun 2022 , 11:41 AM

GMR Power & Urban Infra Ltd has acquired 100% stake in GMR Green Energy Private Limited (“GGEPL”) from GMR Solar Energy Private Limited (“GSEPL”) a fellow subsidiary

As per the filing, the Company has acquired entire 50,000 equity shares of GGEPL at face value of Rs. 10/- each for an aggregate cash consideration of Rs5 lakh on June 21, 2022.

GGEPL was incorporated during the year 2022 with the objective to pursue opportunities in the Green Energy business and is yet to commence commercial operations, the  company said.

Further it added, the acquisition did not require any government or regulatory approval.

At around 11:43 AM on Thursday, GMR Power & Urban Infra was trading at Rs21.15 per share up by Rs1 or 4.96% from its previous closing of Rs20.15 per share on the BSE.