Techno Electric & Engineering Company Ltd to sell its stake in JKTPL

Techno Electric & Engineering Company Ltd has entered into definitive agreement with India Grid Trust, an infrastructure investment trust, acting through its Trustee and Investment Manager, to sell its stake in Jhajjar KT Transco Private Limited ("JKTPL").

The Company's equity holding in JKTPL is 48.96%. Kalpataru Power transmission Limited holds 49.72% and Klassik Vinyl Products LLP holds balance 1.32% equity in JKTPL.

The Estimated Enterprise value of - Rs. 310 Crores (Techno Electric & Engineering Company Limited share i.e. 48.96% being - Rs. 151.77 Crores), subject to customary adjustments on the respective closing dates.

India Grid Trust (IndiGrid) is the first Infrastructure Investment Trust ("InvIT") in the Indian power sector. It owns nine operating projects consisting of 20 transmission lines with more than 5,800 ckms length and 4 substations with 7,735 MVA transformation capacity. IndiGrid has assets under management (AUM) worth INR 120 Billion (USD 1.6 Billion). IndiGrid is managed by Sterlite Investment Managers Limited (SIML).

Shares of Techno Electric & Engineering Company Ltd was last trading in BSE at Rs.185.3 as compared to the previous close of Rs. 188.4. The total number of shares traded during the day was 241 in over 15 trades.

The stock hit an intraday high of Rs. 190.1 and intraday low of 179. The net turnover during the day was Rs. 44240.

Source : Equity Bulls

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