Century Enka to increase its stake in Aditya Birla Renewables Century Energy to 26%

This comes after ABRELCEL passed the resolution by circulation for allotment of 66,89,800 equity shares applied by the company by way of Right Issue.

FPJ Web DeskUpdated: Tuesday, December 06, 2022, 05:47 PM IST
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Century Enka to increase its stake in Aditya Birla Renewables Century Energy to 26% | Century Enka Limited

Century Enka said in an exchange filing that it is applying to get an additional 66,89,800 equity shares by way of a right issue of Aditya Birla Renewable Century Energy Limited (ABRELCEL), a Special Purpose Vehicle.

This is to maintain a minimum of 26 per cent of the equity shares to qualify as a captive user of the power producer. This is as per the provisions of the Electricity Act, 2023, read with the Electricity Rules, 2005.

This comes after ABRELCEL passed the resolution by circulation for the allotment of 66,89,800 equity shares applied by the company by way of Right Issue.

The shares are expected to be credited to the company's demat account at any time within a month after other applicable compliance and corporate action.

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