Friday , September 17 2021

Mahindra CIE Automotive zooms on subscribing shares of Sunbarn Renewables

The promoters holding in the company stood at 71.61%, while Institutions and Non-Institutions held 18.26% and 10.13% respectively.

Mahindra CIE Automotive has subscribed to 7,85,313 equity shares of Sunbarn Renewables, for sourcing green energy on captive basis and optimizing the power cost. Sunbarn is engaged in Solar Power Generation and Supply. The company currently holds 87,500 equity shares of Sunbarn. The shares subscribed will be allotted on or before March 25, 2021.

In order to qualify as a captive consumer, the company must hold at least 26% of the total equity capital of the Power Generating Plants. Accordingly, the investment is essentially to qualify as a captive consumer and thereby optimising the power cost at the plants of Forgings, Chakan and Magnetic Products Division, Bhosari, Pune.

Mahindra CIE Automotive is a multi-technology automotive components supplier.

Mahindra CIE Automotive is currently trading at Rs. 169.90, up by 8.05 points or 4.97% from its previous closing of Rs. 161.85 on the BSE.

The scrip opened at Rs. 169.50 and has touched a high and low of Rs. 171.25 and Rs. 163.70 respectively. So far 63744 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 234.50 on 16-Feb-2021 and a 52 week low of Rs. 59.05 on 25-Mar-2020.

Last one week high and low of the scrip stood at Rs. 178.85 and Rs. 155.25 respectively. The current market cap of the company is Rs. 6434.06 crore.


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