REC arm sells Equity Shares of Vizag Transmission Limited to Power Grid Corporation of India Ltd

Rural Electrification Corporation Ltd's 100% Subsidiary REC Transmission Projects Company Limited (RECTPCL) has transferred its wholly owned subsidiary, namely Vizag Transmission Limited (VTL) incorporated for establishment of Transmission System for System Strengthening in Southern Region for import of power from Eastern Region to "M/s Power Grid Corporation of India Limited", successful bidder selected through "Tariff Based Competitive Bidding Guidelines for Transmission services" issued of Ministry of Power, Govt. of India, substantially upon the terms & conditions as detailed in the Share Purchase Agreement executed between the RECTPCL, VTL and M/s Power Grid Corporation of India Limited.

RECTPCL has received an acquisition price of Rs. 15,41,97,875/- from M/s Power Grid Corporation of India Limited towards acquisition of VTL along with its all assets and liabilities.

Shares of Rural Electrification Corporation Ltd last traded in BSE at Rs.164.70, down by Rs.8.35 or 4.85%. The stock hit an intraday high of Rs.174.55 and low of Rs.161.50.

The total traded quantity was 5.95 lakhs compared to 2 week average of 3.96 lakhs.

Source : Equity Bulls

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