Olectra Greentech's stock spurts ~5% on bagging order worth Rs3,675 crore

24 May 2022 , 09:55 AM

In its filing with the exchanges, Olectra Greentech Limited informed that against the tender where Evey Trans Private Limited (EVEY) has been declared as L- 1 (Least Quoted) bidder, as per the disclosure given on May 7, 2022, now it is awarded with Letter of Award for 2,100 Electric Buses from one of the State Transport Undertakings.

The said order is received for the supply of the 2,100 Electric Buses is on the Gross Cost Contract (GCC) / OPEX model for a period of 12 years being the contract period.

EVEY shall procure (either directly by itself or through its Special Purpose Vehicle) these 2,100 Electric Buses from Olectra which shall be delivered over a period of 12 months. Maintenance of these buses shall also be undertaken by Olectra during the Contract Period.

The value of these 2,100 Buses supply would be approximately Rs3,675 Crores for Olectra.

This transaction between Olectra and EVEY is to be considered a related party transaction and shall be on an arm’s length basis.

Olectra Greentech is trading at Rs592.30, up by Rs27.90 or 4.94% against its previous close of Rs564.40 on NSE. So far, it touched high and low of Rs592.60 and Rs580.10 respectively.