Bharat Wire Ropes Ltd invests in MITCON Solar Alliance Ltd

Bharat Wire Ropes Limited has entered into Share Purchase Agreement and Shareholders' Agreement on 06th January, 2023 and invested a total amount of Rs.2.41 Crores constituting 26.72% in the paid-up share capital of MITCON Solar Alliance Limited ("MSAL").

Further, pursuant to the above acquisition of shares, MSAL will become an Associate of the Company.

In order to comply with regulatory requirement for captive power consumption under Indian Electricity laws, the Company will acquire and maintain 26.72% stake in MITCON Solar Alliance Limited ("MSAL") throughout the term of the Power Supply Agreement, Share Purchase and Shareholders' Agreement.

Shares of Bharat Wire Ropes Limited was last trading in BSE at Rs. 103.75 as compared to the previous close of Rs. 104.65. The total number of shares traded during the day was 13751 in over 348 trades.

The stock hit an intraday high of Rs. 105.00 and intraday low of 102.15. The net turnover during the day was Rs. 1421308.00.

Source : Equity Bulls

Keywords

BharatWireRopes INE316L01019 MITCONSolarAlliance Investment CaptivePower