Nitin Spinners Limited has informed the Exchange regarding 'Intimation of Acquisition under regulation 30 of the SEBI (listing Obligations and Disclosure Reuirements) Regulations 2015'.
NITINSPIN · price
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Nitin Spinners' Investment Committee has approved acquiring a 6.66% equity stake in CGE II Hybrid Energy Private Limited, a subsidiary of Continuum Green Energy Limited, along with a Power Supply Agreement. The total cost of acquisition is Rs. 9,52,02,020 at Rs. 10 per share. The deal is aimed at sourcing 10 MW of renewable (wind-solar hybrid) power for the company's textile plants at Bhanwaria Kalan, Begun, and Chittorgarh in Rajasthan, which will help it qualify as a captive power consumer under the Electricity Act. CGE II Hybrid is a newly incorporated SPV (formed December 2021) with nil turnover in the last three financial years. The transaction is not a related-party deal and is expected to close by 30 September 2026.
This is a small strategic investment (around Rs. 9.5 crore) to lock in captive renewable power for the company's Rajasthan plants, which could help reduce long-term energy costs and support sustainability goals. Limited impact on stock price given the modest size, but a positive signal on cost-efficiency and ESG alignment.