Rudra Gas Enterprise shares jump 5% as company enters renewable energy sector

Rudra Gas Enterprise Limited saw its shares surge by 5%, trading at ₹130.85, following the announcement of its entry into the renewable energy sector. During a Board meeting held on December 24, 2024, the company approved the incorporation of a new subsidiary, Rudra Global Green Energy Private Limited.

Key Highlights:

• Subsidiary Incorporation: The new entity, Rudra Global Green Energy Private Limited, will focus on renewable energy, including solar, wind, and geothermal sources.
• Initial Investment: Rudra Gas plans to invest ₹51,000 to acquire a 51% equity stake in the subsidiary, subscribing to 5,100 equity shares at ₹10 each.
• Strategic Focus: The subsidiary will be involved in the transmission, distribution, and sale of renewable energy, leveraging shared resources for optimized performance.
• Approval Details: The incorporation does not fall under related party transactions, and no additional governmental approvals are required.