Grasim Industries purchased 13,000 equity shares of Rs 10 each of ABReL Solar Power (ABRSPL), a wholly-owned subsidiary of the company, for a cash consideration of Rs 1,30,000 on Friday, 22 October 2021.
ABReL Solar Power is a subsidiary of Aditya Birla Renewables, which in turn is the wholly-owned subsidiary of Grasim Industries. The shares are acquired by Grasim Industries at par value, which is the book value, therefore the transaction is at arms length. The objective of the acquisition of shares is to comply with the minimum shareholding requirement of 26% stake under the captive project rules. Grasim Industries now holds 26% stake.
ABReL Solar Power (ABRSPL) was incorporated on 31 August 2021. The line of business of ABRSPL is electric power generation through solar energy, its transmission, distribution etc. ABRSPL was incorporated for the purpose of setting up of captive solar power projects for Grasim Industries.
On a consolidated basis, Grasim Industries' net profit jumped 296.80% to Rs 2,447.97 crore on 52.7% rise in net sales to Rs 19,919.40 crore in Q1 FY22 over Q1 FY21.
Shares of Grasim Industries slipped 1.88% to end at Rs 1,713.40 on Friday, 22 October 2021. Grasim Industries is a leading global producer of Viscose Staple Fibre, the largest Chlor-Alkali, Linen and Insulators player in India. Through its subsidiaries, UltraTech Cement and Aditya Birla Capital, it is also India's largest cement producer and a leading diversified financial services player.
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