The share price of Genus Power increased by 20% to a 52-week high of Rs 168.90. The stock has up 46.37 percent in four sessions at current pricing. So far, it has nearly doubled this year.
Introduction
- Shares of Genus Power Infrastructures Ltd (Genus Power) rose 20% in Wednesday trading, extending the company’s winning streak to four straight sessions,
- after the company signed definitive agreements with Gem View Investment, an affiliate of Singapore’s GIC, to establish a platform for undertaking advanced metering infrastructure service provider concessions.
- According to the company’s BSE filing, GIC will own 74% of the platform, while Genus will own 26%. The two partners have agreed to a $2 billion initial pipeline investment.
The stock has risen after the company was awarded a letter of award (LOA) worth Rs 2,207.53 crore for the appointment of Advanced Metering Infrastructure Service Provider (AMISP), which includes the design of an AMI system.
with the provision, installation, and commissioning of 27.69 lakh smart prepaid metres, feeder metres, DT metre level energy accounting, and FMS for these 27.69 lakh smart metres.
In the instance of GIC JV, an affiliate of GIC Chiswick Investment Pte will invest up to Rs 590 crore through a preferential allotment of warrants, representing 15% of Genus’ issued and paid-up share capital on a fully diluted/as converted basis.
The transactions are subject to Genus shareholder approval and the execution of normal closing conditions to the satisfaction of the GIC affiliates, according to Genus.
CONCLUSION
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