VRL Logistics zooms on inking MoU with Ratna Cements to transfer wind power
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VRL Logistics is currently trading at Rs. 549.55, up by 33.20 points or 6.43% from its previous closing of Rs. 516.35 on the BSE.
The scrip opened at Rs. 530.35 and has touched a high and low of Rs. 558.65 and Rs. 522.20 respectively. So far 67864 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 591.50 on 07-Feb-2022 and a 52 week low of Rs. 206.50 on 22-Apr-2021.
Last one week high and low of the scrip stood at Rs. 558.65 and Rs. 502.65 respectively. The current market cap of the company is Rs. 4858.45 crore.
The promoters holding in the company stood at 69.59%, while Institutions and Non-Institutions held 18.76% and 11.65% respectively.
VRL Logistics has signed Memorandum of Understanding (MoU) with Ratna Cements (Yadwad) (RCL) for transfer of the Wind Power (Sale of Power) undertaking along with all underlying assets and liabilities as a going concern on a slump sale basis.
The MOU is being entered in order to initiate necessary applications to obtain the requisite transfer approvals from various Government Departments, Government agencies and enable financial arrangements from Banks /Financial Institutions for the buyer. The buyer has placed a token advance of Rs 2 crore prior to signing of this MoU and has been provided a time of up to July 31, 2022 to achieve the completion of transaction with all required approvals along with the remittance of balance sales consideration.
The Wind Power Undertaking of the company initially comprised of 34 wind turbine generators with capacity of 42.5 MW. As of date, the said project comprises of 32 wind turbine generators with a capacity of 40 MW. These WTG'S are installed at Kappatgudda in Karnataka.
The management of the Company is looking to dispose off this undertaking considering the limited balance life of the said machines as also to focus on its Goods Transport business which is the major business segment of the company.
VRL Logistics is engaged in goods transportation and passenger transportation.
