Kalpataru Power Transmission Ltd (KPTL) on Wednesday said it has completed sale of its entire stake in Kalpataru Satpura Transco Pvt Ltd to CLP India.
As a result of this stake sale, Kalpataru Satpura Transco is no longer a subsidiary of KPTL from Wednesday.
"The company has completed the sale of its entire stake in one of the subsidiaries viz. Kalpataru Satpura Transco Private Limited today on November 20, 2019, (Wednesday) after obtaining the requisite regulatory and other approvals and compliance with condition precedents," according to a BSE filing.
In July, the company announced that it has entered into definitive agreements with CLP India to sell its stake in three subsidiaries Kalpataru Satpura Transco Private Ltd (KSTPL), Alipurduar Transmission Ltd (ATL) and Kohima-Mariani Transmission Ltd (KMTL) at an estimated enterprise value of Rs 3,275 crore, subject to customary adjustments on the respective closing dates.
KSTPL and ATL were wholly-owned subsidiaries of the company. The firm's equity holding in KMTL was 74 per cent and the remaining 26 per cent equity is held by Techno Electric & Engineering Company Ltd.
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