Tamilnadu Petro stock rises as it acquires stake in power generation company

The said acquisition will be done with cash consideration and likely to get completed by September 2023.

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26 Aug, 2025 12:21

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Tamilnadu Petroproducts witnessed a rise in share price during early trade on June 21, following the company's announcement of acquiring a stake in a solar and wind power generation company.

Tamilnadu Petroproducts had entered into an arrangement with Dalavaipuram Renewables Private Limited (DRPL) to procure upto 59.93 million kWh of power per annum (Solar & Wind).

As part of this arrangement, the company agreed to invest upto Rs 13.88 crore, which constitutes 2.73 percent of the paid-up equity capital of DRPL.

Dalavaipuram Renewables Private Limited (DRPL), is a company incorporated as a special purpose vehicle with the objective of setting up Wind and Solar Captive Power plant at Tuticorin and operating a plant for the purpose of generating and selling power.

The said acquisition will be done with cash consideration and is likely to get completed by September 2023.

At 09:26 hrs Tamilnadu Petroproducts was quoting at Rs 80.65, up Rs 1.03, or 1.29 percent on the BSE.

The share touched a 52-week high of Rs 111.65 and a 52-week low of Rs 68.37 on September 13, 2022, and March 28, 2023, respectively.

Currently, it is trading 27.77 percent below its 52-week high and 17.96 percent above its 52-week low.