 "Here's why Refex Renewables & Infra was locked in 5% upper circuit today")
Refex Renewables & Infrastructure share price: Refex Renewables & Infrastructure shares were locked in 5 per cent upper circuit at Rs 1,121.05 per share on Monday, November 04, 2024. This also marks the stock’s new 52-week high.
The uptick in Refex Renewables & infrastructure share price came after the company announced that its wholly-owned subsidiary, Refex Green Power Limited, has acquired balance 51 per cent equity stake from the existing shareholder, in Sherisha Solar SPV Two Private Limited, step-down subsidiary company.
In an exchange filing, Refex Renewables & Infrastructure said, “We would like to inform all our stakeholders that Refex Green Power Limited, a wholly-owned subsidiary of the Company, has acquired balance 51 per cent equity stake from the existing shareholder, in Sherisha Solar SPV Two Private Limited, step-down subsidiary company, thereby, making aggregate shareholding / control to the extent of 100 per cent and making it a step-down wholly-owned subsidiary company.”
Refex Renewables & Infrastructure Limited (RRIL), formerly known as SunEdison Infrastructure Limited, is a public limited company incorporated in August 1994. The company specialises in providing engineering, procurement, and construction services for ground-mounted solar power plants, solar water pumps, and home solar systems. With a rich heritage rooted in the silicon industry, RRIL traces its origins back to 1959, when the Monsanto Electronic Material Company (MEMC), a division of the multinational Monsanto Corporation, was established to manufacture silicon wafers for the growing electronics sector.
Today, RRIL operates across approximately 80 sites in 11 states, positioning itself as a leading solar power developer in India. Since entering the solar power sector in 2008 and embarking on its journey as an Independent Power Producer (IPP) in 2018, the company has been dedicated to promoting solar energy as a sustainable resource, focusing on innovation and development to provide eco-friendly energy alternatives.
The market capitalisation of Refex Renewables & Infrastructure is Rs 503.34 crore, according to BSE.
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The 52-week high of the stock is Rs 1,121.05 while its 52-week low is Rs 355 per share.
At 9:55 AM, Refex Renewables & Infrastructure shares continued to remain locked in 5 per cent upper band at Rs 1,121.05. In comparison, BSE SEnsex was down over 1 per cent at 78,869.55 levels.