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Grasim Industries acquires 26% stake of ABReL Solar Power – EQ Mag Pro

Grasim Industries acquires 26% stake of ABReL Solar Power – EQ Mag Pro

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The company acquired 13,000 equity shares (26%) of Rs10 each of ABRSPL at Rs1.30 lakh.

Grasim Industries Limited has acquired equity shares of ABReL Solar Power Limited, a subsidiary of the company on October 22, 2021. The company acquired 13,000 equity shares (26%) of Rs10 each of ABRSPL at Rs1.30 lakh.

“ABReL Solar Power Limited is a subsidiary of Aditya Birla Renewables Limited which in turn is the wholly-owned subsidiary of Grasim Industries. The shares are acquired by Grasim at par value, which is the book value, therefore the transaction is at arm’s length.

The object of acquisition of shares is to comply with the minimum shareholding requirement of 26% under the captive project rules,” company said in a filing on Friday.

At around 2.10 pm, Grasim Industries Ltd was trading at Rs1,707.70 per piece down by Rs5.7 or 0.33% from its previous closing of Rs1,713.40 per piece on the BSE.

Source: indiainfoline

Anand Gupta Editor - EQ Int'l Media Network