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NTPC to buy stake in Ratnagiri Gas, exit from Konkan LNG

Capital Market 

The state-run enterprise executed a share purchase agreement with GAIL (India) to buy its 25.51% shareholding in Ratnagiri Gas & Power and exit from Konkan LNG subsequently.

NTPC has executed a share purchase agreements (SPA) with GAIL (India) on Tuesday, 23 February 2021, for the purchase of GAIL (India)'s share of 25.51% stake in Ratnagiri Gas and Power (RGPPL) and sale of NTPC's share of 14.82% stake in Konkan LNG (KLL) on on fully dilutive basis.

After transfer of shares as per the share purchase agreements, NTPC will exit from KLL and NTPC's shareholding in RGPPL will become 86.49%. The announcement was made after market hours yesterday, 23 February 2021.

Shares of NTPC rose 0.92% to Rs 104.50 on BSE. Shares of GAIL (India) rose 0.14% to Rs 147.55 on BSE.

NTPC is a Maharatna company operating in the power generation business. The principal business activity of the firm is electric power generation through coal based thermal power plants. It also engages in the business of generation of electricity from hydro and renewable energy sources. As of 31 December 2020, the Government of India held 51.10% stake held in NTPC.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, February 24 2021. 09:19 IST