FIIs Increase Stake in Rhetan TMT: Key Updates and Solar Power Initiative

Rhetan TMT Limited, formerly known as Rhetan Rolling Mills Private Limited, is a manufacturer of high-quality TMT bars that comply with ISI standards. The company has been actively making strides in both its business operations and sustainability initiatives, which have recently caught the attention of the market.

Share Price Performance

On December 11, 2024, the share price of Rhetan TMT touched an intraday high of ₹22.30 on the Bombay Stock Exchange (BSE). The stock has seen a 10% increase month-to-date (MTD). 

FIIs Increase Stake

As per the September 2024 quarter shareholding pattern, the promoter holding stands at 62.11%, while Foreign Institutional Investors (FIIs) have raised their stake to 0.15%, up from zero in the previous quarter. 

Advancing Sustainability Goals: Solar Power Project

Rhetan TMT is progressing on a significant solar power initiative aimed at powering its factory premises in Kadi, Gujarat. Here’s a timeline of the developments:

• Initial LOI Challenges:
  The company initially planned to lease land at Untarda, District Aravalli, for the solar project. However, due to complications with the lessors, the agreement could not be finalized.
• New Lease Agreement in Banaskatha:
  A lease deed is now being executed for land at Village UN, Taluka Kankrej, District Banaskatha. The site will host a 2 MW solar power plant for captive consumption.
• Provisional Approvals and Project Timelines:
  • Provisional approval has been received from the Gujarat Energy Development Agency (GEDA).
  • An application for connectivity approval has been submitted to Gujarat Energy Transmission Corporation (GETCO), with approval expected by mid-January 2025.
  • The project is projected to be fully implemented by April-May 2025.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.