Tech Mahindra acquires 26% stake in Huoban Energy; stock marginally up

9 Jun 2022 , 10:15 AM

Tech Mahindra Limited informed that the company has entered into a share subscription agreement to acquire 26% equity shares in Huoban Energy 6 Private Limited.

Tech Mahindra is a signatory to Business Ambition for 1.5°C that commits to containing the rise in global in temperature by 1.5°C.

This acquisition would enable the Company to procure 5 MW of Solar Energy for its captive consumption at its facilities located in Pune, Maharashtra.

The acquisition will be completed within 90 days from the signing of PPA/SSSHA.

The Company will pay a total sum of Rs1.60 crore.

Huoban Energy 6 Private Limited (100% Subsidiary of Fourth Partner Energy Private Limited) has its registered office in HMT Nagar, Hyderabad.

Huoban being a newly incorporated entity, the details viz. size and turnover are not applicable. 

Tech Mahindra is currently trading at Rs1,125.75 up by Rs1.7 or 0.15% from its previous closing of Rs1,124.05 on the BSE. The scrip opened at Rs1,120 and has touched intraday high and low of Rs1,129.90 and Rs1,111.75 respectively.