ACME Solar Holdings shares surged nearly 7% in early trade on Monday, September 21, putting the renewable energy company in focus after its latest exchange filing disclosed the incorporation of a new wholly owned subsidiary.
ACME Solar had already touched a fresh 52-week high of Rs 434.70 on September 18, when shares gained more than 5% amid investor focus on the company's battery energy storage system expansion and capital expenditure plans.
The company informed the stock exchanges on September 19 that ACME Greentech Twenty Nine Private Limited was incorporated on September 18 as a 100%-owned subsidiary of ACME Solar Holdings. The new entity will undertake businesses related to the development, establishment and operation of power generation and renewable energy projects.
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The subsidiary has been incorporated in Gurugram, Haryana, and comes under the power generation — renewable energy — industry. ACME Solar has subscribed to 100% of its initial paid-up equity capital in cash, amounting to Rs 1 lakh, through 10,000 shares with a face value of Rs 10 each.
ACME Solar has been building out its project portfolio across solar, wind, hybrid and storage assets. The company's contracted renewable energy portfolio stood at 8,370 MW, while operational BESS capacity crossed 4 GWh following recent project commissioning, according to reports.
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