12,600 Per Cent Returns: Multibagger Solar Power Stock Hit Upper Circuit After Incorporating a New Subsidiary for Order Bagged from MAHAGENCO

The stock gave multibagger returns of 150 per cent in just 1 year and a whopping 12,600 per cent in 5 years.

Refex Renewables & Infrastructure Limited (RRIL) announces that its subsidiary, Sherisha Rooftop Solar SPV Four Private Limited, has formed a partnership with LC Infra Projects Private Limited to establish LC Infra Solar (150 MW) LLP (LLP). This partnership will focus on developing a 150-megawatt solar power project awarded by Maharashtra State Power Generation Co. Ltd. (MAHAGENCO). Sherisha Rooftop Solar SPV Four Private Limited has contributed Rs 2,600 towards the capital of LLP, resulting in a 26 per cent stake in the associate entity. The formation of LLP marks a significant step forward for RRIL in expanding its presence in the renewable energy sector and contributing to India's sustainable energy goals.

Earlier, the company received approval from its Board of Directors to issue up to 105 senior, secured, unrated, unlisted, unsubordinated, redeemable, taxable, fully paid non-convertible debentures (NCDs) to Northern Arc Emerging Corporates Bond Trust. The NCDs will be issued through a private placement for an aggregate amount of up to Rs 10,50,00,000. These NCDs have a tenure of 20 months from the date of allotment and carry a coupon rate of 14.25 per cent per annum, payable monthly. The issuance of these NCDs will involve various security measures, including a first and exclusive charge on the Company's assets, a pledge on equity shares held in subsidiaries, a pledge on equity shares held by a promoter, and personal and corporate guarantees from the promoter. Additionally, a cash margin of Rs 52,50,000 will be maintained in a cash margin account. The NCDs will be redeemed by July 30, 2026, with monthly repayments of principal and interest.

About the Company

Refex Renewables Infrastructure company has a rich legacy in the silicon industry and was originally formed in 1959 with the establishment of the Monsanto Electronic Material Company (MEMC), a division of the multinational Monsanto Corporation. Initially, its business pioneered and focused on the manufacturing of silicon wafers for semiconductors in the burgeoning electronics industry. The company has a market cap of Rs 423 crore with a 3-year stock price CAGR of 150 per cent.

On Wednesday, shares of Refex Renewables & Infrastructure Ltd hit a 5 per cent upper circuit to Rs 941.90 per share from its previous closing of Rs 897.05 per share. The stock gave multibagger returns of 150 per cent in just 1 year and a whopping 12,600 per cent in 5 years. Investors should keep an eye on this micro-cap stock.

Disclaimer: The article is for informational purposes only and not investment advice.