Prism Cement gains on acquiring stake in BLA Power

The company plans to acquire 15.23% stake in BLA Power Private Ltd for Rs 21 crore

Shares of Prism Cement were up over 1.5% at Rs 94 on the Bombay Stock Exchange after the company said it has agreed to acquire 15.23% (post acquisition) equity stake for approximately Rs 21 crore in BLA Power Private Ltd, which is in the sole business of generating thermal power.

The Company shall enter into a Power Supply Agreement ('PSA') with BLA Power for the purchase and consumption of 25 MW of RTC (Round The Clock) power from BLA Power for its cement plants - Unit I and Unit II at Satna, Madhya Pradesh under the Group Captive Arrangement under the Electricity Rules, 2005.
 

The stock opened at Rs 94.60 and touched a high of Rs 95.30. At 11:20am, over 310,000 shares were traded on both the stock exchanges.