Mahindra CIE Automotive has further subscribed 2,40,000 equity shares of Rs 10 each of Sunbarn Renewables (Sunbarn) which will constitute 26.12% of the post-issue paid-up capital of Sunbarn. Sunbarn is an associate of the Company and accordingly the transaction would fall within related party transaction.
Sunbarn is incorporated as a special purpose vehicle by Cleantech India OA (Cleantech), a company incorporated under the laws of Singapore. Cleantech develops, finances, constructs, owns and operates solar photovoltaic projects.
Cleantech has set-up and commissioned captive solar plants and is supplying captive power to Company’s plants of Forgings Chakan and Magnetics Products Division, Bhosari. Sunbarn is setting up an additional captive solar plant of the capacity of 6MWp for supplying additional captive power to Company’s plant at Forgings Chakan.
In order to qualify as a captive consumer, the Company must hold atleast 26% of the total equity capital of the Solar Generating Plant(s). Accordingly, the investment is essentially to qualify as a captive consumer and thereby further optimising the power cost at Company’s plant at Forgings Chakan.
Mahindra CIE is engaged in the business of production and sale of automotive components to original equipment manufacturers and other customers (including leading suppliers of components) in India and overseas.
| Company Name | CMP |
|---|---|
| Bharat Forge | 1315.80 |
| CIE Automotive India | 455.45 |
| Ramkrishna Forgings | 963.50 |
| MM Forgings | 458.25 |
| Happy Forgings | 1065.20 |
| View more.. | |
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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