Godrej industries rises on acquiring 26% stake in Clean Max Kaze

Godrej Industries is currently trading at Rs. 424.15, up by 0.90 points or 0.21% from its previous closing of Rs. 423.25 on the BSE.

Godrej Industries
Godrej Industries

The scrip opened at Rs. 423.90 and has touched a high and low of Rs. 425.60 and Rs. 420.80 respectively. So far 4470 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 1 has touched a 52 week high of Rs. 555.20 on 16-Feb-2022 and a 52 week low of Rs. 402.60 on 14-Nov-2022.

Last one week high and low of the scrip stood at Rs. 457.00 and Rs. 419.30 respectively. The current market cap of the company is Rs. 14253.26 crore.

The promoters holding in the company stood at 67.17%, while Institutions and Non-Institutions held 12.62% and 20.21% respectively.

Godrej industries has acquired 26% equity stake in Clean Max Kaze, subsidiary of Clean Max Enviro Energy Solutions on February 14, 2023. The Company has made this investment in connection with availing exemption of Electricity Duty, Cross Subsidy charge and additional surcharge works under Group Captive Power Scheme of Gujarat Wind Solar Hybrid Policy, 2018. The company will benefit by this cost saving and will help in having ‘Green Power’ and also get lower rates as compared to the power grid.

The company has acquired 2,600 equity shares of face value of Rs 10 each at par for a consideration of Rs 26,000. The acquisition is within the overall limit approved by the Shareholders of the Company for making investment in Clean Max under Section 186 of the Companies Act, 2013. Initial investment for acquiring 26% is completed. Further investment of upto Rs 4.29 crore by way of subscribing to Rights issue based on the Valuation Report will be completed by March 31, 2023.

Godrej industries a part of Godrej group, is India’s leading manufacturer of oleochemicals and makes more than a hundred chemicals for use in over two dozen industries.

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