Orient Cement Ltd has entered into Share Purchase, Subscription and Shareholder's Agreement with AMPSolar Technology Private Limited and AMPSolar Systems Private Limited on December 3, 2020 for acquisition of 26% stake in the share capital of AMPSolar Systems Private Limited for putting up the solar power plant with capacity of 13.5 MW, under Captive Scheme.
The name of the target entity is AMPSolar Systems Private Limited ("AMP"), which was incorporated on May 17, 2020 in India and is a step-down subsidiary of AMP Energy India Private Limited ("AMP Energy"). AMP is formed for the purpose of setting up a solar power project in Maharashtra, in terms of the regulatory requirement for captive power consumption under electricity laws. AMP Energy is engaged in the business of developing, owning and operating renewable energy infrastructure for supplying electrical power generated using solar energy and other sources of renewable energy to commercial, industrial and utility customers.
The acquisition is to meet the green energy needs and optimize energy cost and to comply with regulatory requirement for captive power consumption under electricity laws.
The cost of acquisition is Rupees 4.05 crore approximately.
Shares of Orient Cement Ltd was last trading in BSE at Rs.77.8 as compared to the previous close of Rs. 78.15. The total number of shares traded during the day was 63597 in over 690 trades.
The stock hit an intraday high of Rs. 80.5 and intraday low of 77.8. The net turnover during the day was Rs. 5002146.