CESC advanced 3.71% to Rs 194.35 after the company's subsidiary, purvah green power entered into a share purchase agreement to acquire 100% stake in Deshraj Solar Energy on a fully diluted basis.
Deshraj Solar Energy engaged in the development of a solar photovoltaic (PV) power plant of 300 megawatt capacity in India and its related activities.The company will acquire Deshraj Solar Energy to expand the renewable energy business. The said acquisition will be completed within two days.
Post the completion of acquisition of shares, the Deshraj Solar Energy will become a step-down subsidiary of the company.
CESC is a fully-integrated electrical utility company. The company's other business segments include power, organized retailing, property development and business process outsourcing.
The companys consolidated net profit increased 5.4% to Rs 388 crore in Q1 FY25 as compared with Rs 368 crore in Q1 FY24. Net sales jumped 12.8% YoY to Rs 4,863 crore in Q1 FY25.
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