PTC India Ltd to sell stake in PTC Energy Ltd for Rs. 925 crores

PTC India Ltd. in its Board Meeting held on 19th October 2023 has approved the bid submitted by M/s ONGC Ltd. for acquisition of wholly owned subsidiary of PTC India Limited i.e. PTC Energy Limited (PEL) at an equity value of Rs. 925 Crores (INR Nine Hundred Twenty Five Crores) subject to adjustments in bid value as per the bid format.

This transaction is subject to the fulfilment of Conditions Precedent (CP), other terms & conditions as per the share purchase agreement to be executed between the parties and approvals as may be required under applicable laws. Further, the acquisition is subject to shareholders' approval of PTC India Limited as per applicable regulations.

Shares of PTC India Limited was last trading in BSE at Rs. 138.35 as compared to the previous close of Rs. 139.15. The total number of shares traded during the day was 37623 in over 769 trades.

The stock hit an intraday high of Rs. 139.80 and intraday low of 136.90. The net turnover during the day was Rs. 5197110.00.

Source : Equity Bulls

Keywords

PTCIndia INE877F01012 ONGC PTCEnergy