India Glycols gains on executing Power Delivery Agreement with Renew Green

India Glycols is currently trading at Rs. 724.95, up by 5.60 points or 0.78% from its previous closing of Rs. 719.35 on the BSE.

india glycols to raise rs 250 crore through various means
India Glycols

The scrip opened at Rs. 729.50 and has touched a high and low of Rs. 729.50 and Rs. 719.55 respectively.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 1153.10 on 04-Apr-2022 and a 52 week low of Rs. 599.05 on 20-Jun-2022.

Last one week high and low of the scrip stood at Rs. 758.95 and Rs. 716.05 respectively. The current market cap of the company is Rs. 2227.22 crore.

The promoters holding in the company stood at 61.01%, while Institutions and Non-Institutions held 5.07% and 33.92% respectively.

India Glycols has executed a Power Delivery Agreement with Renew Green (MHS TWO) (RGMTPL) to procure 17.5 MW AC Wind Solar Hybrid power, from grid connected Group captive Wind-Solar Hybrid Project proposed to be developed by RGMTPL at District- Solapur, Maharashtra (Hybrid Project).

Further, in order to comply with regulatory requirement for the Hybrid Project being a ‘group captive user’ under Electricity laws, the company has also entered into a Share Subscription and Shareholders’ Agreement with ReNew Green Energy Solutions and RGMTPL to subscribe up to 4.50% shareholding of RGMTPL, in one or more tranches.

The objects of acquisition is to enable the company to become Group Captive User and consume hybrid wind-solar power generated by RGMTPL, thereby meeting its green energy needs and optimise energy cost.

India Glycols manufactures Industrial Chemicals such as green technology based bulk, specialty and performance chemicals and natural gums and industrial gases; Ethyl Alcohol (Potable) and nutraceuticals.

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