SONA BLW Precision Forgings Ltd approves investment in SPV

The Board of Directors of SONA BLW Precision Forgings Ltd has approved investment into a special purpose vehicle (SPV), to be incorporated/to be incorporated by Cleantech Solar India OA 2 Pte Ltd ("Cleantech"), as developer, for the purpose of setting up a group captive solar power project for the Chennai facility of the Company. The SPY will be funded partly by equity and partly by debt capital. The Company will Invest INR 8.3 million approx. for acquiring 26% in the form of the equity share capital of the SPY and remaining 74% of the equity share capital will be acquired by the Cleantech. This investment by the Company into the SPY is to meet the regulatory requirements under the applicable laws.

Shares of Sona BLW Precision Forgings Limited was last trading in BSE at Rs. 610.45 as compared to the previous close of Rs. 608.55. The total number of shares traded during the day was 113450 in over 5759 trades.

The stock hit an intraday high of Rs. 620.95 and intraday low of 607.65. The net turnover during the day was Rs. 69687047.00.

Source : Equity Bulls

Keywords

SonaBLWPrecisionForgings SonaComstar Investment SPV