 "Indo Rama Synthetics soars as arm inks pact with Tata Power unit to sell wind project")
Indo Rama Synthetics (India) has soared 19% to Rs 32.20 on the BSE after the company said that its 100% step down subsidiary of Indo Rama Synthetics (India) signed a share purchase agreement (SPA) with Tata Power Renewable Energy Limited (TPREL), for disposing-off 30 MW wind farm in Maharashtra.
The move to divest wind asset will provide an impetus to further grow polyester business of Indo Rama Synthetics (India), it added.
The transaction shall be consummated within the next few weeks.
TPREL is a 100% subsidiary of Tata Power, India’s largest integrated power company.
The stock hit high of Rs 32.45 on the BSE. The trading volumes on the counter jumped multiple folds with a combined 823,947 shares changed hands on the BSE and NSE so far.
The move to divest wind asset will provide an impetus to further grow polyester business of Indo Rama Synthetics (India), it added.
The transaction shall be consummated within the next few weeks.
TPREL is a 100% subsidiary of Tata Power, India’s largest integrated power company.
The stock hit high of Rs 32.45 on the BSE. The trading volumes on the counter jumped multiple folds with a combined 823,947 shares changed hands on the BSE and NSE so far.