Shares of ACME Solar Holdings Ltd rose 2 per cent in Tuesday’s trade after the renewable energy player announced that it has secured a refinancing package worth Rs 1,100 crore from State Bank of India (SBI) for its 300 MW project in Rajasthan.

On Tuesday, shares of ACME Solar initially rose 2.5 per cent to touch a day’s high of Rs 305.50 on the BSE, compared with the previous close of Rs 298. However, the stock quickly gave up gains and was trading 1.12 per cent lower to Rs 294.65 at 9:36 am, valuing the company at Rs 17,853 crore. The scrip has gained nearly 21 per cent over the past three months. Advertisement

In a stock exchange filing, the company said the funds have been raised for a tenure of nearly 17 years to refinance existing debt and reduce financing costs by around 100 basis

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