Orient Cement Limited approves additional investment of Rs. 11.49 lakhs in AMPSolar

The Board of Directors of Orient Cement Limited in its meeting held on January 31, 2022, has approved an additional investment of Rs. 11.49 lakhs through a combination of equity shares and compulsory convertible debentures thereby increasing the total cost of acquisition from Rs. 4.05 crores to Rs. 4.16 crores approximately and delegated necessary authority for entering into Share Purchase, Subscription and Shareholder's (Amendment) Agreement with AMPSolar Technology Private Limited and AMPSolar Systems Private Limited for retention of 26% stake in the share capital of AMPSolar Systems Private Limited.

The said increase in the cost of project is on account of increase in the statutory levies. Further, the project work is now completed and generation of power has commenced.

Shares of Orient Cement Limited was last trading in BSE at Rs. 167.95 as compared to the previous close of Rs. 164.55. The total number of shares traded during the day was 47420 in over 1118 trades.

The stock hit an intraday high of Rs. 170.15 and intraday low of 164.35. The net turnover during the day was Rs. 7925184.00.

Source : Equity Bulls

Keywords

OrientCement INE876N01018 AdditionalInvestment AMPSolar