India's Genus Power hits record high on partnership with Singapore's GIC

Genus Power Infrastructures

05/07/2023 05:14

** Shares of meter maker Genus Power Infrastructure
 GEOE.NS  rise as much as 15.6% to 162.90 rupees to a new record
high
    ** GEOE on Tuesday said it will partner with an affiliate of
Singapore sovereign wealth fund GIC for a fund for smart
metering projects at an initial commitment of $2 bln
    ** GIC will pick up 74% stake in the project, Genus will
hold rest
    ** GIC will also invest 5.19 bln rupees ($63.24 mln) in
Genus via warrants
    ** About 11.5 mln shares change hands in early trade, 5.5x
the 30-day avg of 2.1 mln shares
    ** Genus shares have nearly doubled YTD after gaining 22.2%
last year


($1 = 82.0630 Indian rupees)

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))