State-owned NTPC on Tuesday said it has signed a share purchase agreement to buy GAIL’s 25.51 per cent stake in Ratnagiri Gas and Power (RGPPL), commonly known as Dabhol project.
After the transaction is complete, NTPC would have 86.49 per cent stake in the RGPPL. Earlier in January, the company had announced acquiring 35.47 per cent stake in RGPPL from its lenders. Initially, NTPC and GAIL had 25.51 per cent stake each in the Dabhol project.
“NTPC has executed share purchase agreements with GAIL (India) on February 23, 2021, for purchase of GAIL's share (25.51 per cent) in Ratnagiri Gas and Power (RGPPL) and sale of NTPC’s share (14.82 per cent) (on fully dilutive basis) in Konkan LNG Ltd (KLL),” according to a BSE filing.
It added that after transfer of shares as per the agreements, NTPC will exit from KLL, and NTPC's shareholding in RGPPL will stand at 86.49 per cent.
RGPPL was incorporated on July 8, 2005, and is promoted by NTPC Ltd and GAIL (India). The company was set up to take over and revive the assets of Dabhol Power Company Project.
RGPPL owns an integrated power generation and re-gasified LNG facility. The power station is one of the India's large gas-based combined cycle power station.
In another announcement, NTPC said it has raised Rs 900 crore by issuing unsecured, redeemable, taxable, listed, rated non-convertible debentures.
The Series-I debentures worth Rs 400 crore would mature on February 23, 2024, while Series-II debentures worth Rs 500 crore would mature on February 23, 2026, a statement said.
Rs 58-lakh fine
The National Green Tribunal has junked a plea by NTPC seeking review of an order passed by Uttarakhand Pollution Control Board (PCB) imposing a penalty of Rs 57.96 lakh for damaging the environment.
The power major was found to have violated muck disposal site maintenance norms, resulting in damage to the environment.