Force Motors gains on buying 12.21% stake in TP Surya

Company board at their meeting held December 12, 2023, has consented to acquire 12.21 percent (26,87,421 equity shares) in TP Surya Limited.

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The share price of Force Motors gained a percent in early trade on December 13 after the company’s board gave consent to acquire stake in the subsidiary of Tata Power Renewable Energy.

At 9:26am, Force Motors was quoting Rs 3,727.95, up Rs 44.15, or 1.20 percent, on the BSE.

“The company’s board at its meeting held on December 12, 2023, has consented to acquire 12.21 percent (26,87,421 equity shares) in TP Surya Limited, a wholly owned subsidiary of Tata Power Renewable Energy Limited, Mumbai, in respect of procurement of solar power from a specific solar plant, to be established by TP Surya under open access mode subject to closing adjustments,” the company said in its release.

TP Surya is in the process of setting up ground mounted solar photovoltaic power projects in the state of Maharashtra.

Through this acquisition, the Force Motors is tying up with Tata Power Renewable Energy as per the Maharashtra Group Captive arrangement for Green Energy under open access.

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The said acquisition is expected to be completed before March 31, 2024 subject to completion of closing conditions and consideration is payable in cash.

In the month of November, the company’s total production stood at 2,216 units. The domestic sales stood at 1,732 units and exports were at 339 units.

For the quarter ended September the company had posted 387 percent jump in its net profit at Rs. 93.87 crore.

The share touched a 52-week high of Rs 4,468.00 and a 52-week low of Rs 1,085.20 on 13 November, 2023 and 28 March, 2023, respectively.

Currently, the stock is trading 16.56 percent below its 52-week high and 243.53 percent above its 52-week low.

The share price surged nearly 200 percent in the last 9 months.