Tamilnadu Petro stock rises as it acquires stake in power generation company
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The company agreed to invest upto Rs 13.88 crore, which constitute 2.73% of paid-up equity capital of DRPL.
The said acquisition will be done with cash consideration and likely to get completed by September 2023.
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Tamilnadu Petroproducts witnessed a rise in share price during early trade on June 21, following the company’s announcement of acquiring a stake in a solar and wind power generation company.
Tamilnadu Petroproducts had entered into an arrangement with Dalavaipuram Renewables Private Limited (DRPL) to procure upto 59.93 million kWh of power per annum (Solar & Wind).
As part of this arrangement, the company agreed to invest upto Rs 13.88 crore, which constitutes 2.73 percent of the paid-up equity capital of DRPL.
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Dalavaipuram Renewables Private Limited (DRPL), is a company incorporated as a special purpose vehicle with the objective of setting up Wind and Solar Captive Power plant at Tuticorin and operating a plant for the purpose of generating and selling power.
The said acquisition will be done with cash consideration and is likely to get completed by September 2023.
At 09:26 hrs Tamilnadu Petroproducts was quoting at Rs 80.65, up Rs 1.03, or 1.29 percent on the BSE.
The share touched a 52-week high of Rs 111.65 and a 52-week low of Rs 68.37 on September 13, 2022, and March 28, 2023, respectively.
Currently, it is trading 27.77 percent below its 52-week high and 17.96 percent above its 52-week low.
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