CIE Automotive India rises as its arm acquires 27.89% stake in Ojaha Renewables
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CIE Automotive India is currently trading at Rs. 490.00, up by 1.55 points or 0.32% from its previous closing of Rs. 488.45 on the BSE.
The scrip opened at Rs. 484.05 and has touched a high and low of Rs. 490.55 and Rs. 484.05 respectively. So far 2315 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 578.10 on 19-Jul-2023 and a 52 week low of Rs. 381.55 on 27-Apr-2023.
Last one week high and low of the scrip stood at Rs. 505.80 and Rs. 475.60 respectively. The current market cap of the company is Rs. 18543.23 crore.
The promoters holding in the company stood at 65.70%, while Institutions and Non-Institutions held 23.28% and 11.03% respectively.
CIE Automotive India’s wholly-owned subsidiary -- CIE Hosur (CHL) has acquired 202500 equity shares of Rs 10 each which constitutes 27.89% of the Paid up Equity Share Capital of Ojaha Renewables (ORPL). With this, ORPL has become an associate of CHL.
Ojaha Renewables will be setting up captive generating plants of the Capacity of 4.5 MWp and supply solar power from this plant to CHL’s factory in Tamil Nadu. In order to qualify as a captive consumer, the Company must hold atleast 26% of the total equity capital of the power generating plant. Accordingly, the investment is essentially to qualify as a captive consumer and thereby optimising the power cost at CHL’s plant in Tamil Nadu.
CIE Automotive India is engaged in the business of production and sale of automotive components to original equipment manufacturers and other customers (including leading suppliers of components) in India and overseas.
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