Solar stock to be in focus on Monday after THIS acquisition update. Details here
Servotech Renewable Power System share price will be in focus on Monday after the company announced the acquisition of 27% stake in PV Module manufacturer Rhine Solar Ltd for ₹ 12.15 crore, to strengthen its backward integration capabilities.
Solar solutions and EV charger manufacturer Servotech Renewable Power System said that it has officially entered into a definitive agreement to acquire a 27% stake (post-money valuation) in New Delhi-based Rhine Solar.
Servotech will acquire 9,50,106 equity shares of Rhine Solar, constituting a 27% stake in the company, at ₹ 127.88 per share, aggregating to ₹ 12,14,99,555.28.
Rhine Solar deals in Solar Panels, Solar Lamps, Solar Lights, Solar Cooker, solar home light, solar street light, solar geyser, solar water irrigation system throughout India. The company reported a turnover of ₹ 82.41 crore in FY25, and ₹ 60.01 crore in FY24.
The indicative time period for completion of the acquisition is 90 days. This crucial investment propels Servotech directly into the heart of the PV module manufacturing industry, Servotech Renewable Power System said.
Currently, Rhine Solar boasts the manufacturing capacity of 100 MW, and the plan is to significantly escalate this capacity, aiming for an impressive 600 MW by next year, it added.
'This acquisition is a major leap forward for us as we move toward becoming a fully integrated solar solutions provider. We've now officially stepped into PV module manufacturing, and this is only the beginning. A key focus will be on producing advanced N-type TOPCon 12 busbar panels, which are not only more efficient but also in high demand in both domestic and global markets due to their superior performance and durability,' said Raman Bhatia, Managing Director of Servotech Renewable Power System.
Servotech Renewable share price has gained 9% in one month, but the solar stock has fallen 18% in the past six months. The small-cap stock is down 17% on a year-to-date (YTD) basis, and has risen 62% in one year period.
On Friday, Servotech Renewable share price ended 3.23% higher at ₹ 138.79 apiece on the NSE.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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