Privi Speciality Chemicals Limited has informed the Exchange about Updates on Acquisition
PRIVISCL · price
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Privi Speciality Chemicals has invested about Rs. 1.78 crore for a 5.80% stake in M/s. Radiance MH Sunrise Eleven Private Limited, a Special Purpose Vehicle (SPV) building a 16.60 MW ground-mounted solar power plant in Maharashtra. The investment was made by subscribing to 47,103 equity shares at Rs. 377 each (including Rs. 367 premium). The SPV was incorporated in March 2021 and is yet to start operations. The deal was a cash transaction, not related to the promoters, and falls outside Privi's main speciality chemicals business line. The earlier Board approval in July 2024 had envisaged a 26% stake, but the actual investment is much smaller at under 6%.
This is a small strategic investment aimed at reducing the company's reliance on coal and natural gas and cutting electricity costs through captive solar power. For shareholders, the financial impact is minor given the modest size (Rs. 1.78 crore), but it signals a positive step towards sustainable and cheaper power for the company's manufacturing operations.