Indag Rubber Ltd to invest in Indergy Power Systems pvt Ltd

The Board of Directors of the Company has, in its meeting held on July 14, 2023, approved strategic investment in Indergy Power Systems Private Limited (the "Investee Company") by acquiring and/ or subscribing to equity and/ or preference shares equivalent to 51% of the issued and paid-up Share Capital of the Investee Company (i.e. investment of Rs. 11.1 Crores) by March 31, 2026, in one or more tranches.

One of the promoters owned entities, has identified an opportunity to enter into manufacturing of Power Conversion System (PCS) for Battery Energy Storage System (BESS), which was considered by the Board of the Company.

As a part of Company's diversification Strategy, the Board evaluated the aforesaid business model, which is a fast-growing and high-demand industry with significant long-term growth potential.

Since the Target/Investee Company provides a pathway to enter into new segment which is sustainable and has long-term growth potential, the Company proposes to invest/ acquire 51% shareholding in the Investee company.

Shares of INDAG RUBBER LTD. was last trading in BSE at Rs. 131.80 as compared to the previous close of Rs. 129.10. The total number of shares traded during the day was 7674 in over 88 trades.

The stock hit an intraday high of Rs. 132.95 and intraday low of 126.10. The net turnover during the day was Rs. 1005985.00.

Source : Equity Bulls

Keywords

INDAGRUBBER INE802D01023 StrategicInvestment IndergyPowerSystems