Bharat Forge stock drops ~3% despite investment of Rs11.375cr in Avaada SataraMH equity shares
This investment by the company represents 8.98% of paid-up equity capital of ASPL and is made for purchase of solar power as Group Captive User.
Bharat Forge Limited has invested Rs11.375cr representing 8.98% of paid-up equity capital of Avaada SataraMH Private Limited (ASPL). This investment has been made to enable the company to purchase solar power as Group Captive User.
Avaada SataraMH belongs to Power & Renewable Energy industry. ASPL owns, operates and maintains a solar power plant for captive consumption at Village Varkute Taluka Maan District Satara in the state of Maharashtra.
“The investment is made by the company to get renewable energy which will benefit to the company from cost saving perspective,” company said in a regulatory filing on Thursday.
“The completion of the acquisition is subject to the receipt of all consents, permissions required to be obtained by ASPL from regulatory authority for open access for captive consumption of electricity,” it added.
Despite the investment, the company stock is struggling and at around 10.28 am was trading at Rs482.40 per piece down by Rs14.35 or 2.89% from its previous closing of Rs496.75 per piece on the BSE.
The scrip opened at Rs495 and has touched a high and low of Rs497.95 and Rs480.35 respectively.
Source: indiainfoline
