Century Enka seeks acquisition of additional stake in ABREL Century Energy; stock rises

18 Aug 2022 , 09:19 AM

Century Enka Limited informed that in continuation of its announcement dated May 10, 2022, it has applied for an additional 2155400 equity shares of ABREL Century Energy Limited, a Special Purpose Vehicle (SPV) by way of right issue.

The company stated that to qualify as a Captive User of the Power Producer under the provisions of the Electricity Act, 2003 read with the Electricity Rules, 2005, a minimum of 26% of the Power Producer’s equity shares must be maintained, so this acquisition is in line with such regulations.

The company has paid cash consideration of Rs2.16 crore for this acquisition.

ABRELCEL was incorporated on March 10, 2022, as an SPV for the purpose of establishing captive power projects, i.e., electric power generation through wind and solar.

At around 9.22 AM, Century Enka was trading at Rs452.45 up by Rs1.7 or 0.38% from its previous closing of Rs450.75 on the BSE. The scrip opened at Rs456.