Orient Cement board approves additional investment of Rs11.49 lakhs in AMPSolar

1 Feb 2022 , 09:31 AM

Orient Cement Ltd has updated to the exchanges regarding Share Purchase, Subscription and Shareholder’s Agreement (“SPSSA”) entered into between the Company, AMPSolar Technology Private Limited and AMPSolar Systems Private Limited.

On December 3, 2020 the company informed regarding entering into SPSSA between the Company, AMPSolar Technology Private Limited and AMPSolar Systems Private Limited for acquisition of 26% stake in the share capital of AMPSolar Systems Private Limited for putting up the solar power plant with capacity of 13.5 MW, under Captive Scheme.

In this regard, it is hereby informed that the Board of Directors of the Company on January 31, 2022, has approved an additional investment of Rs11.49 lakhs through a combination of equity shares and compulsory convertible debentures thereby increasing the total cost of acquisition from Rs4.05cr to Rs4.16cr approximately and delegated necessary authority for entering into Share Purchase, Subscription and Shareholder’s (Amendment) Agreement with AMPSolar Technology Private Limited and AMPSolar Systems Private Limited for retention of 26% stake in the share capital of AMPSolar Systems Private Limited.

The said increase in the cost of project is on account of increase in the statutory levies. Further, the project work is now completed and generation of power has commenced.

At around 9:34 AM, Orient Cement was trading at Rs167 apiece down by Rs0.95 or 0.57% on the BSE.