Cosmo First Shares Gain After Buying Stake In O2 Renewable Energy

Shares of Cosmo First Ltd. advanced on Thursday after it bought a minority stake in the special purpose vehicle, O2 Renewable Energy XV Pvt.

The company has entered into a security subscription and shareholders’ agreement with O2 Renewable Energy and its holding company to buy a 26% stake in the SPV for Rs 17.85 crore, according to an exchange filing. It will source solar power for its plants situated in Aurangabad on a group captive consumer basis, it said.

Shares of the company rose 5.08% before paring gains to trade 2.61% higher at 11:06 a.m., compared to a 0.04% decline in the NSE Nifty 50.

The stock has fallen 5.12% on a year-to-date basis. Total traded volume stood at 1.8 times its 30-day average. The relative strength index was at 61.79.