H.G. Infra Eng gains on acquiring 28.40 lakh shares in H.G. Jetpur Solar Project

H.G. Infra Engineering rallied 2.97% to Rs 1,503.60 after the company announced its acquisition of 28,40,000 equity shares in its subsidiary, H.G. Jetpur Solar Project, for Rs 2.84 crore via a rights issue.

H.G. Jetpur Solar Project, incorporated on 23 June 2024, is based in Rajasthan, India. Its primary objective is to carry out business in the field of solar power.

According to the regulatory filing, the company has acquired 28,40,000 equity shares of Rs 10 each for a total amount of Rs 2.84 crore in H.G. Jetpur Solar Project, a subsidiary of the company, through the subscription of a rights issue.

 

The investment aims to support the expansion of the subsidiarys business and facilitate the establishment of solar power plants. The acquisition, which was completed on 23 December 2024, falls under the category of related-party transactions as H.G. Jetpur Solar Project is a subsidiary of company.

The company confirmed that, apart from the shares held in H.G. Jetpur Solar Project, the promoter/promoter group or group companies do not have any other interest in the transaction.

Additionally, the company announced that its wholly owned subsidiary, H.G. Banaskantha BESS, entered into a Battery Energy Storage Purchase Agreement with NTPC Vidyut Vyapar Nigam on 23 December 2024, for the procurement of 185 MW/370 MWh on a long-term basis.

H.G. Infra Engineering is primarily engaged in the business of engineering, procurement, and construction (EPC) relating to roads, bridges, flyovers, and infrastructure contract works and related activities.

The company reported 16.01% decline in consolidated net profit to Rs 80.73 crore in Q2 FY25 as compared to Rs 96.12 crore posted in Q2 FY24. Revenue from operations declined 5.46% YoY to Rs 902.40 crore in the quarter ended 30 September 2024.

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