Kajaria Ceramics has received approval for investment of upto Rs 367.50 lakh in equity shares of Sunsure Solarpark Two Private Limited for solar power captive consumption as required under the provisions of the Electricity Act, subject to applicable laws.
The objective of acquisition is to reduce the power cost of Sikandrabad (U.P.) Plant, by way of shifting towards the solar power energy which is cost effective and environment friendly. Thus, as per the Electricity Act, the Company, being a captive user, needs to make an investment in Sunsure.
Moreover, the company has also received approval to increase limits of investments in Kajaria Plywood (KPPL), a wholly-owned subsidiary company, from Rs 60 crore to Rs 70 crore, in one or more tranches, through subscription of equity shares of KPPL and/or granting of unsecured loan to KPPL. The objective of acquisition is to meet the operational expenses and working capital needs of KPPL. The Board of directors of the company at their meeting held on May 16, 2023 has approved the same.
The Board recommended a final dividend of Rs 3 per equity share of face value if Rs 1 each for the financial year ended March 31, 2023.
Today, the stock opened at Rs 1157.25, with a high and low of Rs 1200.45 and Rs 1157.25. The stock closed trading at Rs 1184.65, up by 0.63%. The stock has a 52-week high of Rs 1279.95 and a 52-week low of Rs 898.00.
Kajaria Ceramics Limited is primarily engaged in manufacturing and trading of ceramic and vitrified tiles in India. The company is one of the largest manufacturers of ceramic and vitrified tiles in India and 8th largest in the world.