Piramal Enterprises’s Subsidiary Sanctions Rs 700 Crore Credit

Piramal Enterprises subsidiary, Piramal Finance Limited (PFL) has sanctioned Rs. 700 crore to ACME Solar Holdings, according to a national news agency.

This is the second round of funding availed by ACME Solar from Piramal’s financial arm. Earlier in 2016, ACME Solar raised Rs 499 crore from PFL and its partner, Dutch pension fund APG Asset Management NV.

ACME Solar is planning to use the funds to invest in the solar and electric transportation business and ensure timely completion of projects.
Meanwhile, the stock soared over 2% at Rs 2877 per share on BSE on Thursday’s trade.

As per market observers, the company has been maintaining a healthy dividend payout of 36.10%.

On NSE, the stock attracted a traded volume of 87,789 shares and a traded value of 2,520.78 lakh during Thursday’s trade.

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