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The Board of Directors of TGV SRAAC Limited, formerly Sree Rayalaseema Alkalies and Allied Chemicals Limited, has announced an investment of ₹66.59 crore in the equity shares of Andhra Pradesh Gas Power Corporation Limited in an equity-cum-assured power supply deal.
This comes in the backdrop of the chemicals company participating in the tender floated by APGPCL and the approval given by the company Board at its meeting held on August 10, 2020.
The company made this investment to be eligible to draw 29.49 MW power from APGPCL, with 2,68,000 shares equal to 1 MW capacity.
The company informed through a regulatory filing that the tariff rates offered by APGPCL is comparatively cheaper to other sources of power supply in the State of Andhra Pradesh.
AP Gas Power Corporation Limited had floated a tender in which the company participated and acquired eligibility to draw 29.49 MW power from the gas-fired, State-cum-industry-promoted power company.
Shares of Kurnool-registered TGV SRAAC were trading at ₹22.80, down 0.65 per cent on the BSE in morning trade today. The stock has a 52-week high of ₹30 per share.
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