Force Motors rises on getting nod to acquire 12.21% stake in TP Surya
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Force Motors is currently trading at Rs. 3733.00, up by 49.20 points or 1.34% from its previous closing of Rs. 3683.80 on the BSE.
The scrip opened at Rs. 3749.80 and has touched a high and low of Rs. 3749.80 and Rs. 3715.00 respectively. So far 1639 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 4468.00 on 13-Nov-2023 and a 52 week low of Rs. 1085.20 on 28-Mar-2023.
Last one week high and low of the scrip stood at Rs. 4041.45 and Rs. 3671.05 respectively. The current market cap of the company is Rs. 4853.87 crore.
The promoters holding in the company stood at 61.63%, while Institutions and Non-Institutions held 6.53% and 31.85% respectively.
Force Motors has received approval to acquire 12.21% shares of TP Surya, a wholly owned subsidiary of Tata Power Renewable Energy, in respect of procurement of Solar Power from a specific Solar Plant, to be established by TP Surya in Maharashtra under Open Access Mode subject to closing adjustments. Through this acquisition, the company is tying up with Tata Power Renewable Energy as per the Maharashtra Group Captive arrangement for Green Energy under Open Access. The acquisition is expected to be completed before March 31, 2024 subject to completion of closing conditions. The Board of Directors of the company at its meeting held on December 12, 2023, has inter alia considered/ approved the same.
Force Motors is a Pune-based commercial vehicle maker. It is a fully vertically integrated automobile company, with expertise in design, development and manufacture of the full spectrum of automotive components, aggregates and vehicles.
