RITES Limited acquires 13% stake in Elicius Energy Pvt Ltd

The Board of Directors of RITES Limited at their Meeting held on 30 December, 2020, has approved the contribution of Rs. 15730/- towards acquiring the 13% stake i.e. 1573 equity shares of Rs. 10 each of M/s Elicius Energy Pvt. Limited (a startup) and signing of the agreement with it.

RITES is supporting the startup in development of tubular PEM Hydrogen Fuel Cell Stack of 500-1000 watt capacity and in order to guide the above developmental project.

Elicius Energy Pvt. Ltd. (a startup, incubated by IITM Incubation Centre, Chennai) is located at IT Madras Research Park No. 1 F A, First Floor, Kanagam Road, Taramani, Chennai - 600113.

Shares of RITES Ltd was last trading in BSE at Rs.269 as compared to the previous close of Rs. 266.8. The total number of shares traded during the day was 23921 in over 1036 trades.

The stock hit an intraday high of Rs. 272.35 and intraday low of 267. The net turnover during the day was Rs. 6448211.

Source : Equity Bulls

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