KEC International Ltd.(KEC), a global infrastructure EPC player has today announced the successful sale of its 99.99 % stake in KEC Bikaner Sikar Transmission Private Limited (KECBSTPL) to Adani Transmission Ltd. (ATL) at an Enterprise Value of~ Rs. 227.5 Crore. The completion of t he transaction has been achieved post satisfaction of all customary closing conditions, including all requisite approvals. The sale was previously announced on November 3, 2018, and has completed effective today.
KECBSTPL is having an operational transmission line of 344 ckt. Kms in the state of Rajasthan from Bikaner to Sikar.
Brief Overview of the Asset:
KEC Bikaner Sikar Transmission Private Limited holds a minimum 25 years concession license to operate and maintain a 400 kV D/C Bikaner- Sikar Line of 344 Ckt kms in Rajasthan. The project was awarded through competitive bidding process, the project was physically completed almost four months ahead of schedule by KEC International Ltd. The line was commissioned in December, 2017 and since then has been in successful operation.
Mr. Vimal Kejriwal, MD & CEO, KEC International Ltd. commented, "We are happy to successfully complete the sale transaction of our entire stake in KEC Bikaner Sikar Transmission Pvt. Ltd. to ATL. Our decision to sell our stake in KECBSTPL is in line with our asset light model of operations. This sale is in line with KEC's strategy to focus on its core EPC business."
Shares of KEC INTERNATIONAL LTD. was last trading in BSE at Rs.253.95 as compared to the previous close of Rs. 255.7. The total number of shares traded during the day was 14812 in over 453 trades.
The stock hit an intraday high of Rs. 257 and intraday low of 251.7. The net turnover during the day was Rs. 3757723.