Oriana Power Acquires Shares in Subsidiary Truere Current for BESS Development
Oriana Power Limited has announced a significant investment in its subsidiary, Truere Current Private Limited. The acquisition involves purchasing 62,16,000 equity shares of the subsidiary, representing a strategic move to bolster renewable energy infrastructure development.The investment, which was executed today, totaled an aggregate consideration of Rs. 8,01,06,395. The shares, each with a face value of Rs. 10, were acquired through the terms of a Rights Issue offered to the subsidiary.
Strategic Focus on Renewable Energy Storage
The primary objective of the investment is to support the development of a Battery Energy Storage System (BESS). This BESS is intended for a solar power plant being undertaken by Truere Current Private Limited, a subsidiary of Oriana Power Limited. The storage solution aims to enable efficient energy management by capturing and storing surplus power.Truere Current Private Limited operates in the Renewable Energy sector. The company, incorporated on April 15, 2024, is engaged in the generation, distribution, and selling of electricity across India.
Transaction and Company Details
The transaction details confirm the financial structure and the company's holding pattern.The following table summarizes the key parameters of the acquisition:
| Particular | Details |
|---|---|
| Target Entity | Truere Current Private Limited |
| Industry | Renewable Energy |
| Shares Acquired | 62,16,000 equity shares |
| Face Value per Share | Rs. 10 |
| Total Consideration | Rs. 8,01,06,395 |
| Transaction Basis | Rights Issue |
The acquisition is noted as a related party transaction, as Truere Current Private Limited is a subsidiary of Oriana Power Limited. The transaction was conducted on an arm's length basis.
Shareholding and Background
Prior to the Rights Issue, Oriana Power Limited held a 74% shareholding in the subsidiary. The company confirmed that its shareholding in Truere Current Private Limited shall remain unchanged after the acquisition.The parent company, Oriana Power Limited, maintains its business presence in the renewable energy sector, with its primary corporate office located in Noida, U.P. The company’s operational focus continues to be in the energy generation space.
ORIANA Stock Price Movement
Today, Oriana Power Limited shares edged higher, closing at ₹2176.65 after gaining 5.63% during the session. The stock saw significant trading interest, logging a total traded volume of 68,325 shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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