Varroc Polymers Ltd enters into PPA with SPVs under captive power scheme

Varroc Engineering Limited's material subsidiary viz. Varroc Polymers Limited("VPL") has entered into Power Purchase Agreement with AMP Energy C&I Six Private Limited and AMP Energy C&I Five Private Limited (hereinafter referred to as "SPVs") respectively, for establishing Renewable Power Plants in Karnataka and Tamil Nadu having captive capacity of 30 MWp and 21 MWp respectively, under Captive Power Scheme and further in process of acquiring 1% and 3% stake in the said SPVs respectively.

The total investment will be up to Rs. 40,00,000 (Indian Rupees Forty Lakhs) and Rs. 80,00,000 (Indian Rupees Eighty Lakhs) for 1% and 3% stake in Equity and/or other securities in the SPVs in Karnataka and Tamil Nadu respectively.

Shares of Varroc Engineering Limited was last trading in BSE at Rs. 505.25 as compared to the previous close of Rs. 486.50. The total number of shares traded during the day was 82710 in over 3818 trades.

The stock hit an intraday high of Rs. 513.15 and intraday low of 486.85. The net turnover during the day was Rs. 41651586.00.

Source : Equity Bulls

Keywords

VarrocEngineering INE665L01035 VarrocPolymers PPA SPVs CaptivePowerScheme