Rajoo Engineers Expands into Solar Energy Sector with Formation of Shrutina Nexgen Solar LLP

On May 27, 2024, Rajoo Engineers Limited informed the exchanges that on May 26, the company and its group entities established Shrutina Nexgen Solar LLP, registered with the Registrar of Companies in Gujarat, as a collaborative venture involving multiple entities. Rajoo Engineers Limited holds a 7% stake in the Shrutina Nexgen Solar LLP. In contrast, the Promoter Group Entities, Shrutina Nexgen LLP, Essen Speciality Films Limited, and Rajoo Innovation Centre LLP, hold 74%, 18%, and 1%, respectively. The formation of this LLP does not constitute a related party transaction for LMW, and all transactions have been conducted on an arm’s length basis.

Shrutina Nexgen Solar LLP’s primary objective is to generate, accumulate, distribute, and supply solar energy. This energy can be used internally or sold to various entities, including government bodies, state electricity boards, power transmission and distribution intermediaries, companies, industrial units, and other energy consumers.

The formation and registration of Shrutina Nexgen Solar LLP have been completed in compliance with Regulation 30 of the SEBI Listing Regulations and relevant SEBI Circulars. No additional governmental or regulatory approvals were required to form Shrutina Nexgen Solar LLP.

Financially, the acquisition was facilitated by investing ₹42,00,000 in acquiring a 7% shareholding in Shrutina Nexgen Solar LLP, which is all set to become a key player in the solar energy sector.

Shrutina Nexgen Solar LLP was established on May 26 2024. Its registered office is located in Rajkot, Gujarat. As the company was recently incorporated, it has yet to initiate its operational activities.

About Rajoo Engineers Ltd

Rajoo Engineers Limited, founded in 1986, was founded by Mr. C.N. Doshi and Mr. R.N. Doshi. Based in Gujarat, the company specialises in producing plastic-extrusion machinery and is renowned for its expertise in designing and manufacturing machines.

As of May 28 2024, The company has a market capitalisation of ₹1,584 crore. With a stock P/E ratio of 80.4, investors pay a premium relative to the company’s earnings. The book value per share stands at ₹19.4. The face value of the stock is ₹1.00.

On May 28 2024, Rajoo Engineers opened at ₹253.85.

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