M&M inches up on acquiring 31.2% stake in ReNew Sunlight Energy
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Mahindra & Mahindra is currently trading at Rs. 839.05, up by 0.35 points or 0.04% from its previous closing of Rs. 838.70 on the BSE.
The scrip opened at Rs. 842.90 and has touched a high and low of Rs. 843.60 and Rs. 834.00 respectively.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 978.90 on 17-Nov-2021 and a 52 week low of Rs. 704.30 on 29-Dec-2020.
Last one week high and low of the scrip stood at Rs. 840.55 and Rs. 807.75 respectively. The current market cap of the company is Rs. 104160.89 crore.
The promoters holding in the company stood at 19.46%, while Institutions and Non-Institutions held 66.07% and 14.47% respectively.
Mahindra & Mahindra (M&M) has subscribed to 16,07,400 Equity Shares of ReNew Sunlight Energy (RSEPL) constituting 31.2% of the Equity Share Capital of RSEPL. Consequently, RSEPL has become an associate of the Company. Further, in view of extension of project implementation timeline, the subscription of balance 1,44,66,600 Equity Shares of RSEPL by the Company is expected to be completed by March 31 , 2022.
Subscription of Equity Shares in RSEPL will enable the Company to become Captive User and consume solar power generated by RSEPL. RSEPL will build, own and operate Captive solar power plant having capacity of 58 MWp to generate around 100 million units a year and feed it into the MSEDCL grid. Under the open access arrangement of the Company with the electricity distribution companies, the manufacturing plants of the Company in Maharashtra will consume the said solar power generated.
M&M is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.
