SWELECT Energy Systems Limited to form subsidiary

The Board of Directors of SWELECT Energy Systems Limited have given approval for incorporating a Wholly Owned Subsidiary (WOS) in the name and style, 'SWELECT RE Power Private Limited' (the name availability of which has been confirmed by the Ministry of Corporate Affairs, Office of the Registrar of Companies, Central Registration Centre vide letter dated 7.4.2022) and the WOS will engage in setting up of solar power plant once the proposals received from industrials consumers have been materialized and the electricity generated by the WOS will be sold to industrial consumers around Tamil Nadu based on the requirements of the respective consumers. The Board also approved the investment of Rs.1.00 l.akh in the Equity Capital of the said WOS.

The Solar Power Plant will be set up under Captive Use Scheme through Intra State Open Access System. Listed below the key approvals that are required to set up a Solar Photovoltaic Plant.

1) Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO), Government of TamilNadu.

2) Chief Electrical Inspectorate General (CEIG), Government of Tamil Nadu.

The above investment is purely for forming a Wholly Owned Subsidiary {WOS). As per the name approval letter dated 7.4.2022 issued by Ministry of Corporate Affairs (MCA), the said name is available for registration up to 27th April 2022. We hereby confirm that the Company shall complete the registration process of the WOS within the above time line.

Shares of Swelect Energy Systems Limited was last trading in BSE at Rs. 403.00 as compared to the previous close of Rs. 398.00. The total number of shares traded during the day was 3835 in over 199 trades.

The stock hit an intraday high of Rs. 411.00 and intraday low of 396.00. The net turnover during the day was Rs. 1559348.00.

Source : Equity Bulls

Keywords

SwelectEnergySystems INE409B01013 Subsidiary SwelectREPower SolarPowerPlant