Olectra Greentech's stock zooms 5% on acquiring 34% stake in Evey Trans (MHS)

9 Mar 2022 , 03:43 PM

Olectra Greentech Limited informed that the company has acquired 3,400 equity shares (34% stake) of Rs101- each in “Evey Trans (MHS) Private Limited, a company registered with the Registrar of Companies, Hyderabad.

The Associate Company will be into the business of owning, operating, and/ or leasing Electric Vehicles (specifically for one of the contracts awarded to the Consortium (where the Company and EVEY were members) as Special Purpose Vehicle in terms of the tender conditions).

Olectra Greentech’s stock ended 4.99% higher at Rs627.70 against its previous closing price of Rs597.85. It touched the day’s high and low of
Rs627.70 and Rs603.20 respectively.

The cost of acquisition is for a nominal amount of Rs34000 only.