Astec Lifesciences climbs on getting nod for equity investment in proposed SPV
Astec Lifesciences is currently trading at Rs. 947.95, up by 31.45 points or 3.43% from its previous closing of Rs. 916.50 on the BSE.
The scrip opened at Rs. 902.95 and has touched a high and low of Rs. 959.00 and Rs. 902.95 respectively. So far 3122 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 1487.65 on 08-Jul-2024 and a 52 week low of Rs. 826.15 on 13-Feb-2024.
Last one week high and low of the scrip stood at Rs. 1012.85 and Rs. 891.00 respectively. The current market cap of the company is Rs. 1844.84 crore.
The promoters holding in the company stood at 66.75%, while Institutions and Non-Institutions held 5.83% and 27.42% respectively.
Astec Lifesciences has received approval from Board of Directors for equity investment upto Rs 3.75 crore in a proposed Special Purpose Vehicle (SPV) to be set up with Clean Max Enviro Energy Solutions, for generating solar power under the group captive model envisaged under the Electricity Act, 2003 read with the Electricity Rules, 2005.
The proposed investment is for long-term consumption of renewable power by the Company as the Consumer from a solar captive generating plant through a Special Purpose Vehicle. The Company proposes to subscribe to / invest in 26% equity stake in a proposed Special Purpose Vehicle. The said investment will be completed on or before March 31, 2026.
The Board of Directors of the Company at its meeting held on January 27, 2025 has approved the same.
Established in 1994, Astec Lifesciences manufactures a wide range of agrochemicals and pharmaceutical intermediates.
