The board of directors of Gujarat Fluorochemicals Ltd. approved on Thursday a slump sale of a captive power plant to subsidiary IGREL Mahidad Ltd. for Rs 200 crore.
The capital raise from the sale will help GFL in mobilising funds to secure existing and future power requirements, according to an exchange filing.
IGREL Mahidad is engaged in generation, accumulation, transmission, distribution, purchase, sell and supply of electricity power by using conventional and non-conventional energy sources. The transaction will be effective on or before March 31, 2025.
GFL will purchase power up to 107 megawatts from IGREL Mahidad at the rate of Rs 4 per unit, with the transaction value based on the number of units generated and commercial operation date.
The board also approved investment of up to Rs 40 crore by subscribing equity shares in the subsidiary to support its capital expenditure requirements.
GFL will also acquire a 26% stake in promoter-owned Flurry Wind Energy Pvt. for Rs 200 crore. The board approved the investment to support capex requirements of FWEPL, which will set up wind plants to supply power to the chemical plants.
The parent company will purchase power up to 350 MW from FWEPL at the rate of Rs 4 per unit, with the transaction value based on the number of units generated and commercial operation date.
GFL, a part of Inox Group, produces bulk chemicals, fluorochemicals, fluoropolymers and allied activities.
Shares of GFL closed 0.35% higher at Rs 4,360 apiece on the BSE ahead of the announcement, compared to a flat benchmark Sensex. The stock has risen 14% so far this year.
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