Reliance Infrastructure Ltd arm to increase stake in Utility Powertech Ltd to 50%

Reliance Velocity Limited, a wholly owned Subsidiary of Reliance Infrastructure Limited, has announced the acquisition of the shares of Utility Powertech Limited (UPL).

UPL is a Joint Venture between the Company and National Thermal Power Corporation Limited. The Turnover of Rs. 1,619.79 crore for the financial year ending March 31, 2023.

12.08 lakh shares constituting 30.2% shareholding of the UPL are being acquired by Reliance Velocity Limited for an amount of Rs 66.44 crore at the rate of Rs 550 per share.

With this acquisition, the target company would become an associate of the Company with a total holding of 50%.

UPL offers wide range of manpower services for construction and O&M activities in power & related sectors.

Shares of Reliance Infrastructure Limited was last trading in BSE at Rs. 166.55 as compared to the previous close of Rs. 170.80. The total number of shares traded during the day was 374419 in over 4501 trades.

The stock hit an intraday high of Rs. 172.75 and intraday low of 165.05. The net turnover during the day was Rs. 63185704.00.

Source : Equity Bulls

Keywords

RelianceInfrastructure INE036A01016 RELINFRA ElectricUtilities RelianceVelocity StakeIncrease UtilityPowertech