India's SWELECT Energy Systems falls after acquiring shares from unit

Swelect Energy Systems

26/09/2022 09:05

** Shares of solar power projects manufacturer and trader
SWELECT Energy Systems Ltd  SWEL.NS  fall as much as 7.44% to
318.6 rupees, lowest since Sept. 5
    ** SWEL stock posts biggest intraday pct loss since Aug. 16
    ** Co said on Friday it will acquire equity shares on
private placement basis from unit SWELECT RE Power by investing
64.4 million Indian rupees ($789,457.55)  urn:newsml:reuters.com:*:nFWN30U366
    ** Investment to set up 4 MW solar power plant under group
captive model
    ** Co to execute share subscription agreement and
shareholders agreement and other ancillary agreements in
connection with setting up of 4 MW solar power project (https://bityl.co/Ei61)
    ** More than 28,127 shares change hands by 0745 GMT vs
30-day avg of 45,028 shares
    ** Stock up 19.14% YTD up to last close
($1 = 81.5750 Indian rupees)
 (Reporting by Anuran Sadhu in Bengaluru)
 ((Anuran.Sadhu@thomsonreuters.com;))