Shares of Enviro Infra Engineers Ltd rose 3.5% to hit a day’s high of Rs 274 on 22nd August after the company announced that its subsidiary, EIE Renewables Pvt Ltd, had acquired Vento Power Infra Pvt Ltd from PTC India Financial Services Ltd for about Rs 115.6 crore in cash.

Enviro Infra stated that the acquisition was completed on 20th August, granting it full ownership of Vento Power Infra, a renewable energy developer.

Founded in 2015, Vento Power is building a 40 MW solar project in Odisha’s Bolangir district with a tariff of Rs 4.1 per unit for 18 years. In FY24, it reported revenue of Rs 16.5 crore and a negative net worth of Rs 79.2 crore.

The company said the deal supports its long-term plan to expand into renewable and sustainable energy. Deloitte advised on the sell side, while Saraf and Partners acted as legal advisor.

At 12:55 PM, the shares of Enviro Infra were trading 3.18% higher at Rs 268 on NSE.

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