Ashish Kacholia-Backed Solar Energy Stock Jumps 12 Per Cent After Incorporating New Subsidiary; Details Inside
The stock gave multibagger returns of over 1,900 per cent in 2 years.
Insolation Energy Limited has announced the incorporation of a new subsidiary named ‘MGVI Green Infra Three Private Limited’, as certified by the Ministry of Corporate Affairs. This entity, with an authorised share capital of Rs 1,00,000, currently has no applicable size or turnover figures. MGVI Green Infra Three Private Limited is a related party, with Insolation Energy's promoters, Mr. Vikas Jain and Mr. Manish Gupta, each holding a 20 per cent equity stake.
The subsidiary will operate in the solar industry, focusing on the development, installation, operation, and maintenance of solar power plants, including rooftop solar projects. This move aims to expand Insolation Energy Limited's presence in the sector. The incorporation cost is Rs 1,00,000, with Insolation Energy Limited subscribing 60 per cent of the equity shares (Rs 60,000), and Mr. Manish Gupta and Mr. Vikas Jain each subscribing 20 per cent (Rs 20,000 each). Insolation Energy Limited will be the holding company, with a 60 per cent shareholding. No specific governmental or regulatory approvals were required, and the process is complete.
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Additionally, an ace investor, Ashish Kacholia’s company - Bengal Finance & Investment Pvt Ltd bought 1,21,600 shares via preferential issue for Rs 3,287 per share, aggregating to approx. Rs 40 crore.
Incorporated in 2015, Insolation Energy Ltd specialises in manufacturing high-efficiency solar panels and modules, operating a 200 MW SPV Module manufacturing unit in Jaipur, which spans over 60,000 sq. ft. and is equipped with advanced machinery. Notably, the company holds the position of the second-largest North Indian manufacturer of solar panels, batteries, and inverters, based in Jaipur, Rajasthan.
On Tuesday, shares of Insolation Energy Ltd surged 12 per cent to Rs 275 per share from its previous closing of Rs 245.45 per share. The stock gave multibagger returns of over 1,900 per cent in 2 years. Investors should keep an eye on this solar stock.
Disclaimer: The article is for informational purposes only and not investment advice.