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Adani Transmission to buy KEC's transmission firm for Rs 227 crore

Press Trust of India  |  New Delhi 

Power firm Transmission has signed an agreement to buy entire stake in International's Rajasthan-based power transmission arm at an enterprise value of Rs 227.5 crore.

"We would like to inform that the company has signed share purchase agreement with International Limited on November 3, 2018 for acquisition of its entire stake in Bikaner Sikar Transmission Private Ltd," Transmission said in a regulatory filing.

(KBSTPL) project comprises 400 KV D/C Bikaner-Sikar Line of 344 circuit kilometers. The project was awarded to the company through competitive bidding prices and commissioned in December 2017.

Transmission said cost of acquisition of KBSTPL shares is at an enterprise value of Rs 227.5 crore subject to customary adjustments at closing.

The company has signed agreement to acquire KEC International's "entire stake of equity shares representing 99.99 per cent of the total issued, paid up and subscribed equity share capital and preference shares representing 100 per cent of the total issued, paid up and subscribed preference share capital in KBSTPL".

The acquisition will enhance of the company to around 12,923 circuit (ckt) kms, out of which approximate 10,357 ckt kms are under operation and 2,566 ckt kms under various stages of construction.

The sale is expected subject to approval of and according to note of is expected to close by end of this year.

Shares of on Friday closed at Rs 178.1 a unit, up by 0.54 per cent, compared to their previous close. stock at 305.6 a unit, up by 3.54 per cent on the

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

First Published: Sun, November 04 2018. 15:55 IST