Share price of Jindal Poly Films gained around two per cent on Friday, August 27, after the company acquired 100 per cent shares of Jindal India Solar Energy. On Friday, Jindal Poly Films opened on the BSE at Rs 950, swinging to an intra day high of Rs 985.45 and an intra day low of Rs 950, in the trading session so far. Upon acquiring 100 per cent shares, Jindal India Solar Energy is now a wholly-owned subsidiary of the company.
The cost of acquisition or the price at which the shares are acquired is Rs 5 lakhs, according to a regulatory filing by Jindal Poly Films to the stock exchanges yesterday. Jindal India Solar Energy was incorporated on December 17, 2020, and was known as Jindal Plastic Films Limited.
The name was changed to Jindal India Solar Energy at a later stage. Ever since its establishment, Jindal India Solar Energy has not done any business, so its turnover is nil, according to the exchange filing. The company belongs to the renewable/solar energy industry.
Jindal Poly Films seeks to do more business in the renewable energy sector so it acquired 100 per cent shares of the company.
Jindal India Solar Energy was a subsidiary of Soyuz Trading Company Limited, which is a promoter of Jindal Poly Films.
On the NSE, Jindal Poly Films opened at Rs 956, registering an intra day high of Rs 984.95 and an intra day low of Rs 951, in the session so far. It was last trading 1.98 per cent higher at Rs 963.95 on the NSE.
Shares of Jindal Poly Films were last trading 1.93 per cent higher at Rs 963.65 on the BSE.