Sterlite Investment Managers Limited (Representing India Grid Trust as its Investment Manager) has signed share purchase agreement on November 28th, 2020 for acquisition of 74% in Parbati Koldam Transmission Company Limited from Reliance Infrastructure Limited. The completion of acquisition would depend upon receipt of relevant approvals and completion of contractual obligations.
The acquisition of aforesaid power transmission asset is in line with the IndiGrid investment strategy as provided in the Trust Deed with a focus to ensure stable distribution to unitholders by owning assets with long term contracts. The governmental, regulatory or any other approvals, as may be required, to be obtained for the aforesaid acquisition.
The consideration to be paid for the above acquisition is implied Enterprise Value (for 100% equity shares) of Rs. ~9,000 million inclusive of cash & cash reserves and normalised tariff receivables, subject to adjustments on account of movement in cash, deviation in outstanding debt, tariff receivables, assets, liabilities outstanding as on actual closing date of the transaction per the share purchase agreement agreed between the parties.
PKTCL was incorporated on September 02, 2002. PKTCL is joint venture between Reliance Infrastructure Limited (74%) and Power Grid Corporation of India Limited (26%). PKTCL has entered into a TSA with PGCIL on December 24, 2013. PKTCL operates ~458 circuit kilometres of transmission lines constituting inter-State transmission system for evacuation of power from the Parbati-II HEP implemented by NHPC Limited and Koldam HEP implemented by NTPC Limited. The Asset was fully commissioned in June 2015. During the FY 2019-20, PKTCL had a total Revenue of ~Rs. 209 Crores.
Shares of RELIANCE INFRASTRUCTURE LTD. was last trading in BSE at Rs.21.35 as compared to the previous close of Rs. 21.8. The total number of shares traded during the day was 245502 in over 1642 trades.
The stock hit an intraday high of Rs. 22 and intraday low of 20.95. The net turnover during the day was Rs. 5251740.