Olectra Greentech Ltd updates on order for 1400 Electric Buses

Evey Trans Private Limited (EVEY) has been declared as the Least Quoted (L-1) bidder for 1,400 (+ 50% Variation) Electric Buses from one of the State Transport Undertakings.

This Tender is for supply of the said Electric Buses on Gross Cost Contract (GCC) / OPEX model for a period of 12 years (Contract Period).

Once the Letter of Award is received by EVEY, it shall procure (either directly by itself or through its Special Purpose Vehicle) these Electric Buses from Olectra Greentech Limited (Olectra) and which shall be delivered over a period of 12 months. The value of these 1,400 Buses supply would be approximately Rs. 2,450 Crores for Olectra. Maintenance of these buses shall also be undertaken by Olectra during the Contract Period.

This transaction between Olectra and EVEY is to be considered as related party transactions and shall be on arm's length basis.

Shares of Olectra Greentech Limited was last trading in BSE at Rs. 592.45 as compared to the previous close of Rs. 611.60. The total number of shares traded during the day was 69839 in over 4613 trades.

The stock hit an intraday high of Rs. 611.90 and intraday low of 582.55. The net turnover during the day was Rs. 41418506.00.

Source : Equity Bulls

Keywords

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