Shivalik Mercantile receives a Rs 100 crore investment from Amber Enterprises, and shares soar
The company's net loss increased from Rs 5.50 crore in December 2022 to Rs 17.82 crore in the quarter that ended in December 2023.
After the business invested in its subsidiary Shivalik Mercantile Pvt Ltd. on February 15, shares of Amber Enterprises India increased by 1% in early trading.
Amber Enterprises India Ltd was up Rs 53.05, or 1.37 percent, on the BSE at 9:25 a.m., trading at Rs 3,912.90.
The equity share capital of Shivalik Mercantile has seen a main investment of Rs 100 crore, funded in two installments by Sidwal Refrigeration Industries Pvt Ltd, a totally owned materials subsidiary of Amber Enterprises India.
Titagarh Rail Systems and Amber Group decided to form a joint venture or special purpose vehicle in order to enter the railway components and subsystems market in January.
In accordance with this agreement, TRSL and Amber Group will each get equal ownership over the SPV for establishing the new railway components business as well as a new equity investment of Rs. 120 crore via their wholly owned subsidiary Sidwal Refrigeration Industries Pvt. Ltd. Will put in as much as Rs crore. in the Italian city of Fierma.
The company's net loss increased from Rs 5.50 crore in December 2022 to Rs 17.82 crore in the quarter that ended in December 2023.
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