Premier Energies Limited Approves Wholly Owned Subsidiary for Battery Technology Segment
Premier Energies Limited has approved the incorporation of a wholly owned subsidiary company. This strategic move is intended to focus on advanced business segments within the energy storage domain, including battery technology and related hardware and software developments.The Board of Directors sanctioned the incorporation of the new entity, which will be authorized by the Central Registration Centre, Ministry of Corporate Affairs, Government of India. The subsidiary has been established with an Authorized Share Capital of Rs. 10,00,000 (Rupees Ten Lakh only). This capital is structured into 1,00,000 Equity Shares of Rs. 10 (Rupees Ten only) each.
The core business activities designated for the new subsidiary cover Battery Energy Storage System, Battery Cell, Battery Material, and related electronics, hardware, and software segments.
In addition to incorporating the company, the Board also granted approval for Premier Energies Limited to subscribe equity shares in the proposed wholly owned subsidiary. The company plans to invest Rs. 5,00,000 (Rupees Five Lakh only), corresponding to 50,000 Equity Shares of Rs. 10 (Rupees Ten only) each.
Key financial details regarding the new venture are presented below:
| Detail | Specification |
|---|---|
| Authorized Share Capital | Rs. 10,00,000/- |
| Total Equity Shares | 1,00,000 |
| Face Value per Share | Rs. 10/- |
| PEL Investment Commitment | Rs. 5,00,000/- |
Premier Energies Limited confirmed that further additional information relating to this initiative will be disclosed in due course. The Board meeting concerning these decisions commenced at 04:32 P.M. and concluded at 04:55 P.M.
PREMIERENE Stock Price Movement
Premier Energies Limited closed today after gaining 0.04%, settling at ₹1050.1. The stock saw a volume of 843,752 shares traded as it wrapped up activity in post-market trading.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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