Varun Beverages Limited ("Company") has invested 9.80% of Equity Share Capital (5.68% on fully diluted basis) of Lone Cypress Ventures Private Limited, a special purpose vehicle engaged to supply solar power to consumers in the state of Uttar Pradesh.
Lone Cypress Ventures Private Limited ("SPV") a special purpose vehicle incorporated in 2016 by Sunsource Energy Private Limited ("Sunsource") under the group captive model envisaged under the Electricity Act, 2003 to supply solar power to consumers in the state of Uttar Pradesh.
The company intends to obtain solar power (generation and supply) from SPV for its facilities located in Sandila, Uttar Pradesh and Kosi, Uttar Pradesh. Solar power is environment friendly (green energy) with the added advantage of reduction in the power cost of the respective facilities.
Accordingly, as per the Electricity Act, 2003, the Company, being captive user, is required to make investment in the SPV.
As part of the proposed transaction, the Company, being the captive user, has invested Rs. 3,15,00,000 (31,50,000 equity shares of face value of Rs. 10/- each) in the equity shares of the SPV.
Shares of Varun Beverages Limited was last trading in BSE at Rs. 1312.55 as compared to the previous close of Rs. 1344.70. The total number of shares traded during the day was 81038 in over 7170 trades.
The stock hit an intraday high of Rs. 1354.05 and intraday low of 1305.25. The net turnover during the day was Rs. 107620880.00.