Jindal Saw shares rally over 7% after inking deal to acquire 31.2% stake in ReNew Green Energy
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Jindal Saw shares jumped 7.7% on Wednesday to Rs 333.05 on BSE after the company signed a share purchase deal with ReNew Green Energy Solutions (RGES) to acquire up to 31.20% stake in ReNew Green MHH One, making RGMHH an associate of the company. The company disclosed this development in an exchange filing but did not divulge the financial details of this equity acquisition. Jindal Saw said it has “entered into a share purchase agreement with ReNew Green Energy Solutions Private Limited (RGES) to acquire shareholding up to 31.20 per cent equity share capital in ReNew Green MHH One Private Limited (RGMHH), which resulted RGMHH as an associate of the company.” The acquisition is with an objective to procure electricity at a concessional rate, the company said. Jindal Saw further said it aims to complete the acquisition by May 31, 2025, or any other date as may be mutually decided between the parties. The company is a manufacturer and suppli...