Announced Thu, 9 Jul · 21:59 IST
GMR Kalinga Solar becomes step-down subsidiary; Grasim takes 29% stake
GMRP&UI · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Price reaction · full curve 14 horizons · vs prior close
+0.1%1-day move
₹99.38
prior close
₹99.49
base price
After-mkt
timing
5m10m15m30m1D2D3D4D5D7D15D1M2M3M
+1.1+0.3+0.5+0.5+0.1+0.6+0.4-1.2-1.9-2.6————
Up moveDown movePending
AI summary
GMR Power & Urban Infra's arm GMR Kalinga Solar Power allotted equity to Grasim Industries at 71:29 ratio (GEL 71 percent, Grasim 29 percent) after Grasim's first tranche subscription. Status changed from wholly owned to step-down subsidiary. GKSPL will supply power to Grasim from a 10 MW captive solar plant in Kamalanga, Odisha. Promoters have no interest in the transaction.
Likely market impact
Marquee JV with Grasim Industries adds credibility to solar arm; control dilutes from 100 percent to 71 percent via GEL.