Investment30 March 2026 at 11:34 am
Magna Electro Castings Invests Rs. 39.60 Lakhs in First Energy TN1 Private Limited
AI Summary
Magna Electro Castings Ltd. has signed a Captive Power Agreement and Share Subscription and Shareholders Agreement with First Energy TN1 Private Limited (FETN1PL) on 30th March, 2026. The company is investing Rs. 39.60 Lakhs to acquire 3,96,000 Equity shares of Rs. 10 Each, which will increase its shareholding percentage from 6.25% to 7.83%. FETN1PL, an Indian company incorporated on 29th January, 2022, is involved in developing captive power plants and solar power plants on a ‘built own operate’ basis to meet the captive consumption requirements of captive users. The objective of the acquisition is to comply with the minimum shareholding requirement of 26% by Captive users under Electricity Act, 2003.
Key Highlights
- Magna Electro Castings to invest Rs. 39.60 Lakhs in First Energy TN1 Private Limited.
- Investment will increase the company's shareholding percentage from 6.25% to 7.83%.
- FETN1PL is involved in developing captive power plants and solar power plants.
- The objective of the acquisition is to comply with the minimum shareholding requirement of 26% by Captive users under Electricity Act, 2003.
- First Energy TN1 Private Limited was incorporated on 29th January, 2022.