Reliance Infra executes 100% sale of WRSS Transmission to Adani Transmission
Under the agreement, Adani will acquire 100% ownership in Western Region System Strengthening Scheme (WRSSS) and 74% ownership of Parbati Koldam Transmission Company Limited (PKTCL).
Anil Ambani's Reliance Infrastructure on Wednesday announced that it has executed the share purchase agreement (SPA) with Adani Transmission for 100% stake sale of its WRSS Transmission Assets.
Under the agreement, Adani will acquire 100% ownership in Western Region System Strengthening Scheme (WRSSS) and 74% ownership of Parbati Koldam Transmission Company Limited (PKTCL).
Agreement for PKTCL will be executed upon receipt of approval from Power Grid Corp and other statutory approvals.
Reliance Infra is 100% and 74% owner of both the transmission assets offered to Adani. These transmission projects have been completed and are revenue generator for RInfra.
The entire proceeds will be utilized for debt reduction by Reliance Infra.
For this transaction, SBI Capital Markets acted as the financial advisors to RInfra.
On October 06, 2016, Reliance Infra had decided to sell power transmission business to Adani.
Shares of RelInfra was trading at Rs 479.05 per share on BSE, up by 0.42%.
However, shares of Adani Transmission was at Rs 59.75 per share down by 1.65%.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
EPFO Pension Schemes: Early pension, retirement pension, nominee pension and 4 other pension schemes that every private sector employee should know
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
01:18 PM IST