NLC India shines on getting in-principle approval to invest up to Rs 3,720 crore in NIRL
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NLC India is currently trading at Rs. 245.10, up by 8.10 points or 3.42% from its previous closing of Rs. 237.00 on the BSE.
The scrip opened at Rs. 244.65 and has touched a high and low of Rs. 246.35 and Rs. 237.30 respectively. So far 269240 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 311.65 on 16-Jul-2024 and a 52 week low of Rs. 160.40 on 28-Nov-2023.
Last one week high and low of the scrip stood at Rs. 246.35 and Rs. 226.15 respectively. The current market cap of the company is Rs. 33840.87 crore.
The promoters holding in the company stood at 72.20%, while Institutions and Non-Institutions held 21.14% and 6.66% respectively.
NLC India (NLCIL) has received in-principle approval to invest up to Rs 3,720 crore, in one or more tranches in NLC India Renewables (NIRL), wholly owned subsidiary of the company to undertake green energy projects, subject to compliance of DIPAM guidelines and necessary approvals of MoC and Other departments as may be required.
The company will also be transferring renewable assets to NIRL as part of an asset monetization plan, in return acquiring stake in the green energy company. The net book value of RE assets in the books including CWIP of the ongoing projects of NLC as on September 30, 2024 is Rs 6,263 crore.
The objective of investment is for development of Renewable Power projects in Gujarat & Rajasthan and carrying out the existing Renewable Power Projects NLCIL under Asset Monetis
