Nitin Spinners Limited has informed the Exchange regarding 'Intimation of Acquisition under regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015'.
NITINSPIN · price
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Nitin Spinners has acquired 1,71,36,363 equity shares (6.97% stake) in CGE II Hybrid Energy Private Limited for approximately Rs. 17.14 crore in cash. The target company is a newly formed special purpose vehicle (SPV), subsidiary of Continuum Green Energy Limited, focused on renewable power generation in Rajasthan with no revenue history. The acquisition is a strategic move to secure renewable power supply for Nitin Spinners' manufacturing plants located at Hamirgarh (Bhilwara) and Bhanwaria Kalan (Chittorgarh) in Rajasthan, qualifying as captive consumption under the Electricity Act.
This is a small, minority investment (about Rs. 17 crore) aimed at ensuring long-term green energy supply for the company's textile manufacturing operations, supporting sustainability goals and potentially reducing power costs. It is not a revenue-generating acquisition and is unlikely to materially impact the stock price, though it signals a forward-looking commitment to renewable energy.