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Hot Pursuit News

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(04 Dec 2023, 15:58)

Sadhana Nitrochem sizzles on plan to setup green hydrogen facility

Sadhana Nitrochem surged 6.47% to Rs 94.50 after the company announced that it will set up a green hydrogen facility, based on a solar plant and wind farm with a capacity of 15MW-20MW.

On 2 December 2023, the company’s board approved a rights issue, subject to necessary approvals from regulatory authorities. The rights issue shares will be offered at Rs 121 per share (a premium of Rs 120), and the company will look to raise up to a total of Rs 49.95 crore.

The company said that the funds of the rights issue will be used for acquisition of a 126-acre land plot. This land will be strategically employed for the establishment of both a solar power facility and a wind energy installation. These sustainable energy sources will be harnessed to generate electricity, which, in turn, will be utilised for the production of green hydrogen via water electrolysis.

This green energy expansion offers the company strategic advantage of backward integration, with control over i...

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