GMR Power, which had closed yesterday at Rs.20.15, opened slightly higher today at Rs.20.65 and went on to soon hit the 5% UC of the day at Rs.21.15.
The news was announced yesterday but the market chose to react today. The company yesterday acquired 100% stake in GMR Green Energy from GMR Solar Energy ,a fellow subsidiary.
This was acquired for a cash consideration of Rs.5 lakh.
GMR Green was incorporated during the year 2022 with the objective to pursue opportunities in the Green Energy business and is yet to commence commercial operations.
The acquisition did not require any government or regulatory approval. Pursuant to the above acquisition, GGEPL would become a Wholly Owned Subsidiary of GMR Power.