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Stock Report
SWELECT Energy Systems Limited to form SWELECT Taiyo Energy Private Limited
Posted On : 2022-10-18 09:12:00( TIMEZONE : IST )
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 Taiyo Energy Private Limited' (based on the name availability letter dated 12.10.2022 issued by the Ministry of Corporate Affairs, Office of the Registrar of Companies, Central Registration Centre) 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 Lakh (Rupees One Lakh Only) 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 Tamil Nadu.
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 12.10.2022 issued by Ministry of Corporate Affairs (MCA), the said name is available for registration up to 1st November 2022. The Company shall complete the registration process of the WOS within the above time line.
The Board nominated Mr. A. Balan, Ms. Jayashree Nachiappan, and Mr. V. C. Raghunath, Directors of the Company to be inducted as Directors on the Board of SWELECT Taiyo Energy Private Limited.
Shares of Swelect Energy Systems Limited was last trading in BSE at Rs. 322.35 as compared to the previous close of Rs. 321.75. The total number of shares traded during the day was 1585 in over 137 trades.
The stock hit an intraday high of Rs. 326.50 and intraday low of 310.00. The net turnover during the day was Rs. 507825.00.
