The board of Paramount Textile PLC has decided to invest approximately Tk 29 crore in solar power generation activities.

In a disclosure published yesterday, the textile manufacturer stated that it will purchase 2.89 crore shares of Paramount Solar Ltd at a face value of Tk 10 each as part of its portfolio diversification.

Following the investment, Paramount Textile's total holding in the company will increase to 99.9 percent.

Stocks of Paramount Textile declined by 1.94 percent to Tk 45.6 yesterday at the DSE.