Reliance Infrastructure Limited completes sale of 74% stake in PKTCL

Reliance Infrastructure Limited (RInfra) has announced the successful completion of sale of its entire 74% equity stake in Parbati Koldam Transmission Company Limited (PKTCL) to India Grid Trust (IndiGrid) for an enterprise value of ~Rs.900 crore. RInfra owns 74% in Parbati Koldam Transmission Company Limited (PKTCL) located in the state of Himachal Pradesh and Punjab in joint venture with Power Grid Corporation of India Limited (PGCIL).

The deal was announced in November 2020 with the signing of a definitive binding agreement between RInfra and IndiGrid and has now been completed with transfer of shares of PKTCL, and receipt of sale consideration. IndiGrid [BSE: 540565 | NSE: INDIGRID] is India's first power sector Infrastructure Investment Trust, owning AAA rated power transmission assets in India. With this acquisition, IndiGrid owns 12 operating power transmission assets with a total AUM of over Rs.14,500 crore.

The total transaction value is ~Rs. 900 crore. The entire sale proceeds are being utilized for debt reduction.

RInfra has reduced its total debt liabilities by ~6 percent from the deal proceeds.

Shares of RELIANCE INFRASTRUCTURE LTD. was last trading in BSE at Rs.29.35 as compared to the previous close of Rs. 28.55. The total number of shares traded during the day was 712712 in over 2698 trades.

The stock hit an intraday high of Rs. 29.9 and intraday low of 28.5. The net turnover during the day was Rs. 20766672.

Source : Equity Bulls

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