Dalmia Bharat shares surge following acquisition in Solarcraft Power India 23

BNE News Desk

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Mumbai: Dalmia Bharat shares surged 2.93 percent to Rs 1,862.10 per share on the Bombay Stock Exchange (BSE) during Monday’s intraday trading. Despite the recent uptick, the company's stock has faced significant declines, tanking 20.88 percent over the past six months and falling 10.71% in the last year.

The recent surge was spurred by Dalmia Bharat's announcement on Sunday regarding its subsidiary's acquisition of a 26 percent stake in Solarcraft Power India 23. According to an exchange filing, Dalmia Bharat's wholly-owned subsidiary, Dalmia Cement, will acquire 26 percent of the equity share capital and compulsory convertible debentures of Solarcraft Power India 23 Pvt Ltd.

The acquisition involves equity shares totaling Rs 10.31 crore and 8.44 million compulsory convertible debentures worth Rs 8.43 crore. The transaction, subject to customary conditions, is expected to be completed within 60 days. This move follows Dalmia Cement’s recent acquisition on June 7 of a 19.18 percent equity stake (1,62,61,200 equity shares) in Amplus Kaveri Solar, amounting to Rs 16.26 crore. 

Dalmia Bharat, the fourth-largest cement manufacturing company in India, currently boasts a capacity of 41.7 million tonnes. The company's recent investments in renewable energy projects signify its commitment to sustainable practices and diversification into the solar power sector, which is expected to enhance its operational efficiency and reduce carbon footprint.

These acquisitions reflect Dalmia Bharat's efforts to integrate renewable energy solutions into its business model. Accprding to experts, the company’s proactive steps toward sustainability and energy efficiency are likely to bolster its market position and foster long-term growth.

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BNE News Desk