RattanIndia Power Ltd Share Price – NSE  /  BSE

Power Generation & Distribution, Small Cap

RattanIndia Power announced that REC, holding 0.001% Redeemable Preference Shares (RPS) of Rs 28.72 crore in the Company, has filed an application against the Company, under Section 7 of IBC Code. The RPS were issued, in favour of REC, on 27 December 2019.

The Company strongly disputes the eligibility and entitlement of REC to seek the initiation of proceedings against it, under the IBC Code and will accordingly, be pursuing the legal remedies in the matter, available under the law.

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Ankur Mitra, CFO & KMP of RattanIndia Power resigned from the position of CFO from the closing business hours of 9 April 2024. Based on the recommendations of the nomination and remuneration committee and audit committee, the board appointed Manish Ratnakar Chitnis as CFO & KMP of the company from the same date.

Chitnis is a chartered accountant having vide experience three decades in heading the fund-raising initiative for power sector, credit rating, risk budgeting, MIS functions and strategy planning activities. Prior to joining RattanIndia Group, he was associated with some well-known groups including L&T, Capital First Market, Fullerton India Credit Company, Community Finance and India Power.

RattanIndia Power is a private power generation company, with installed capacity of 2,700 MW thermal power plants at Amravati and Nashik (1,350 MW at each location) in Maharashtra, India with investments of Rs 18,615 crore. The power plants are spread over an area of 2,400 acres.

The company reported a 22.34% rise in consolidated net loss of Rs 586.97 crore in Q3 FY24 as compared to Rs 479.76 crore in Q3 FY24. Revenue from operations fell 5.10% to Rs 806.38 crore in Q3 FY24 from Rs 849.72 crore posted in Q3 FY23.

The scrip fell 0.66% to trade at Rs 9.01 on the BSE.

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Rattanindia Power has appointed Gaurav Toshkhani as Company Secretary (CS) and Key Managerial Personnel of the Company with immediate effect in place of Lalit Narayan Mathpati who has resigned from the said office with effect from the closing business hours of 09 April 2024.

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The Board of Rattanindia Power at its meeting held on 09 April 2024 has appointed Manish Ratnakar Chitnis as Chief Financial Officer and Key Managerial Personnel of the Company with effect from 09 April 2024.

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