JK Lakshmi Cement Limited to invest in SPV for captive power

JK Lakshmi Cement Limited proposes to source 40 MWAC solar power for its Durg Unit under the Captive Power Plant Model through a Special Purpose Vehicle (SPV) i.e Amplus Helios Pvt. Ltd.

The SPV is setting up a 50 MWAC Solar Power Plant at P.O Chakarbhatha, District- Mungeli, Chhattishgarh, out of which 40 MWAC (i.e. 80% of the capacity) will be sourced by the Company for its captive consumption and the balance 10 MWAC (20% of the capacity) will be supplied to other private players. All the Captive Users are required to acquire 26% of the Shareholding of the said SPV. The Company proposes to acquire proportionate 20.80% (80% of 26% Shareholding) of the paid up Equity Share Capital of the said SPV. The balance 5.20% (20% of 26% Shareholding) would be acquired by Other Captive Users.

Pursuant to the authorization of the Board of Directors, the Committee of Directors at its meeting held today, which commenced at 12:30 PM and concluded at 1:15 PM, has approved, to acquire 20.80% of Equity Share Capital of SPV (80% of 26% Shareholding) i.e 2,16,08,639 Equity Shares @ price of ₹ 10 per share offered on private placement basis by SPV.

Shares of JK Lakshmi Cement Limited was last trading in BSE at Rs. 648.50 as compared to the previous close of Rs. 653.15. The total number of shares traded during the day was 12205 in over 867 trades.

The stock hit an intraday high of Rs. 668.95 and intraday low of 645.40. The net turnover during the day was Rs. 8024549.00.

Source : Equity Bulls

Keywords

JKLakshmiCement INE786A01032 Investment SPV CaptivePower