Bondada Engineering secures ₹575 crore solar project in Maharashtra; stock hits 5% upper circuit

In a filing to the stock exchange on August 26, the company said it has secured a contract valued at ₹575 crore for solar power projects across districts in Maharashtra under the PM-KUSMUM scheme.

Bondada Engineering has received Letters of Award (LoA) from Lumina Clean Energy Private Limited, Purelight Energy Private Ltd, and VVKR Photovoltaics Energy Private Limited— special purpose vehicles created by PPA owners Paradigm IT Technologies Pvt Ltd and Metalcraft Forming Industries Pvt Ltd.

The project scope includes designing, surveying, supplying, installing, testing and commissioning grid-connected distributed solar power plants.

These plants are intended to solarise selected agricultural feeders at the sub-station level within the Maharashtra State Electricity Distribution Company Ltd (MSEDCL) jurisdiction.

The project also involves installing an associated 11 kV line to connect the solar power plants with the respective sub-stations along with a Remote Monitoring System (RMS) for the plants.

These projects are part of the Mukhyamantri Saur Krushi Vahini Yojana 2.0, under the PM-KUSUM initiative, and will have a combined capacity of 170.40 MW on a DC basis.

On August 14, Bondada Engineering announced that September 2, 2024, would be the record date for the subdivision (or stock split) of its equity shares valued at ₹21,60,20,590 at ₹10 per equity share. Under this subdivision, 1 equity share with a face value of ₹10 each is fully paid up and will be split into 5 equity shares with a face value of ₹2 each, fully paid up, with all shares ranking pari-passu in all respects.

Bondada Engineering promoters currently hold a 63.33% stake in the company.