Announced Wed, 29 Jul · 22:27 IST
Midland Polymers acquires 70% in JMRCLEAN Energy via share swap, allots shares and warrants
Price
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AI summary
Midland Polymers board approved acquiring 70% stake in JMRCLEAN Energy via share swap, allotting 73.78 lakh shares (about Rs. 7.38 crore) to JMRCLEAN shareholders. Also approved preferential cash allotment of 79.74 lakh equity shares and 91 lakh convertible warrants at Rs. 10 each. JMRCLEAN is a Hyderabad-based renewable energy EPC firm with a Rs. 1,550 crore order book and turnover of Rs. 71.4 crore.
Likely market impact
Significant share dilution from multiple allotments; entry into renewable energy EPC with strong order book may support future revenue growth.