Dynamic Services & Security Ltd. has received an offer letter for a "mega project" from the Maharashtra government to set up a 1,800-megawatt solar panel manufacturing factory in the state, according to an exchange filing on Wednesday.
The company will invest a total of Rs 1,080 crore in the unit that will come up at MIDC Vile Bhagad, located in Raigad district, the filing added.
As the government's offer comes under the "Package Scheme of Incentives, 2019", the company will receive various benefits like industrial promotion subsidy, interest subsidy, electricity duty exemption, and power tariff subsidy.
Earlier, on Tuesday, the company had announced that it had received a Rs 12.35-crore order from SU Ndigo Solar Solutions Pvt. to install and start operating a 2.3-MW solar rooftop system in Kolkata's Khidirpore Dock-II.
The agreement entails "design, engineering, manufacturing, procurement and supply, installation, testing and commissioning of cumulative 2.30 MWP roof mounted grid connected" solar power plant and also includes a 10-year comprehensive maintenance contract. The date of commencement of the order was stated as Dec. 3, 2024, whereas the same should be completed by Sept. 29, 2025.
Recently, Dynamic Services had also announced that its board had approved increasing its authorised share capital from the existing Rs 30 crore to Rs 75 crore. As a result, the existing three crore shares of Rs 10 each will be divided into 7.5 crore shares of Rs 10 apiece.
It had also announced that its equity shares will migrate from NSE's Emerge platform to the mainboards of both, the NSE and the BSE. However, the move is subject to requisite approvals from the respective stock exchanges and the approval of the members of the company through a postal ballot.
Shares of Dynamic Services closed 1.95% higher at Rs 373.65 apiece on the National Stock Exchange, compared to a 0.04% advance in the benchmark Nifty 50.
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