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Aditya Birla Nuvo gains on entering into SSA to invest in Solar Power in India

07 Oct 2015 Evaluate

Aditya Birla Nuvo is currently trading at Rs. 2240.30, up by 17.85 points or 0.80% from its previous closing of Rs. 2222.45 on the BSE.

The scrip opened at Rs. 2235.10 and has touched a high and low of Rs. 2250.00 and Rs. 2235.10 respectively.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2340.10 on 07-Aug-2015 and a 52 week low of Rs. 1518.70 on 27-Apr-2015.

Last one week high and low of the scrip stood at Rs. 2250.00 and Rs. 2074.00 respectively. The current market cap of the company is Rs. 29,158.00 crore.

The promoters holding in the company stood at 57.20% while Institutions and Non-Institutions held 26.78% and 13.59% respectively.

The Aditya Birla Group, a $41 billion multinational conglomerate, has entered into a partnership with The Abraaj Group (Abraaj), a leading investor operating in global growth markets, to build a large scale renewable energy platform focused on developing utility scale solar power plants in India. Aditya Birla Group will invest in the platform through Aditya Birla Nuvo (ABNL) and Abraaj will invest through one of its affiliates.

ABNL has entered into a definitive Share Subscription and Shareholders Agreement (SSA) with an affiliate of Abraaj. In accordance with the SSA, subject to the customary closing conditions and subject to the requisite approvals, ABNL and the Abraaj affiliate will hold 51% and 49% of the paid up share capital respectively, in Aditya Birla Renewables, currently a wholly owned subsidiary of ABNL.

Aditya Birla Renewables, the solar power platform, will bid for projects tendered at national and state auctions, with the intent to develop and operate utility-scale solar power plants that can provide clean and cost-effective electricity to the national grids across several key states in India.


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