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Meghmani Finechem zooms on entering into agreement with Renew Green Energy Solutions
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Meghmani Finechem is currently trading at Rs. 1311.20, up by 69.85 points or 5.63% from its previous closing of Rs. 1241.35 on the BSE.
The scrip opened at Rs. 1280.00 and has touched a high and low of Rs. 1317.00 and Rs. 1255.00 respectively. So far 10537 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 1524.95 on 26-Apr-2022 and a 52 week low of Rs. 386.35 on 18-Aug-2021.
Last one week high and low of the scrip stood at Rs. 1430.00 and Rs. 1176.30 respectively. The current market cap of the company is Rs. 5405.47 crore.
The promoters holding in the company stood at 71.18%, while Institutions and Non-Institutions held 1.51% and 27.31% respectively.
Meghmani Finechem (MFL) has entered into agreements with Renew Green Energy Solutions for setting up a wind-solar hybrid power project. The collaboration marks the entry of MFL into the renewable energy space and highlights its unwavering commitment towards promoting green energy and reducing carbon footprint.
The company has executed an Energy Subscription Agreement (ESA) and Share Subscription and Shareholder Agreement (SSSHA) for putting up an 18.34 MW wind-solar hybrid power plant in Gujarat under a Special Purpose Vehicle (SPV) with Renew Green Energy Solutions. MFL will hold 26% stake in the SPV for a contribution of Rs 20.54 crore and ReNew Green Energy Solutions will contribute Rs 58.46 crore for a 74% stake.
This hybrid power plant is expected to be commissioned in Q3FY23. As per the terms of the agreement, the power generated from the plant will be supplied exclusively to MFL under the captive status for tenure of 25 years. This arrangement is a step towards entering into the green/renewable energy sector thus reducing carbon footprint and conserving the environment. This hybrid power plant will help MFL meet the energy requirement of its existing as well as future projects. The cost per unit of electricity through this hybrid power plant will be lower than the power procured from the electricity grid.
Meghmani Finechem is primarily engaged in manufacturing and selling of Chlor Alkali & its Derivatives. The Company is also engaged in Trading of Agrochemical products.
