Orient Cement gains on inking pact to acquire 28.52% stake in Ardeur Renewables
Orient Cement is currently trading at Rs. 143.20, up by 0.60 points or 0.42% from its previous closing of Rs. 142.60 on the BSE.
The scrip opened at Rs. 142.75 and has touched a high and low of Rs. 143.75 and Rs. 142.75 respectively. So far 1902 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 149.85 on 18-Jul-2023 and a 52 week low of Rs. 104.70 on 28-Mar-2023.
Last one week high and low of the scrip stood at Rs. 149.85 and Rs. 141.45 respectively. The current market cap of the company is Rs. 2921.43 crore.
The promoters holding in the company stood at 37.90%, while Institutions and Non-Institutions held 16.54% and 45.55% respectively.
Orient Cement has entered into Share Subscription and Shareholders’ Agreement with Ardeur Renewables and Cleantech Solar India OA 2 on July 21, 2023 for acquisition of 28.52% stake in the share capital of Ardeur Renewables for putting up two solar power plants with capacity of 16 MWdc in Karnataka (Project 1) and capacity of 5.5 MWdc in Maharashtra (Project 2), under Captive Scheme. Object of 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. Cost of acquisition is approximately Rs 9.50 crore.
Orient Cement has emerged as one of the fastest growing and leading cement manufacturers in India.
