Ashish Kacholia-Backed Solar Energy Stock: Company Invests Rs 250,75,46,600 By Way of Subscribing to Rights Issue of Insolation Green Energy Pvt Ltd
The stock gave multibagger returns of over 1,800 per cent in 2 years.
Insolation Energy Limited has invested a substantial sum of Rs 2,50,75,46,600 by subscribing to 8,08,886 equity shares of its wholly-owned subsidiary, Insolation Green Energy Private Limited (IGEPL). These shares, with a face value of Rs 10 each, were acquired at an issue price of Rs 3,100 per share, which included a premium of Rs 3,090. This investment was made through a rights issue.
IGEPL, established on August 28, 2021, operates in the solar industry, manufacturing various types of Solar PV Modules. As a wholly-owned subsidiary, IGEPL is a related party, and this transaction, aimed at supporting its growth, is considered an arm length transaction. IGEPL's turnover for the financial year ending March 31, 2024, was Rs 50,788.75 lakh. This investment aligns with the objectives approved by Insolation Energy Limited's shareholders during an Extraordinary General Meeting held on November 13, 2024. The acquisition does not alter the parent company's 100 per cent shareholding in IGEPL.
Additionally, an ace investor, Ashish Kacholia’s company - Bengal Finance & Investment Pvt Ltd bought 1,21,600 shares via preferential issue for Rs 3,287 per share, aggregating to approx. Rs 40 crore.
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Incorporated in 2015, Insolation Energy Ltd specialises in manufacturing high-efficiency solar panels and modules, operating a 200 MW SPV Module manufacturing unit in Jaipur, which spans over 60,000 sq. ft. and is equipped with advanced machinery. Notably, the company holds the position of the second-largest North Indian manufacturer of solar panels, batteries, and inverters, based in Jaipur, Rajasthan.
On Friday, shares of Insolation Energy Ltd surged 0.4 per cent to Rs 268 per share from its previous closing of Rs 267 per share. The stock gave multibagger returns of over 1,800 per cent in 2 years. Investors should keep an eye on this solar stock.
Disclaimer: The article is for informational purposes only and not investment advice.