Power Grid Corporation of India Ltd acquires Fatehgarh Bhadla Transco Limited

Power Grid Corporation of India Limited, pursuant to its selection as the successful bidder under Tariff based competitive bidding, has on 04.06.2021 acquired Fatehgarh Bhadla Transco Limited (FBTL), the Project SPV to establish Transmission system strengthening for evacuation of power from solar energy zones in Rajasthan (8.1 GW) under phase II - Part B, on build, own, operate and maintain (BOOM) basis from the Bid Process Coordinator - REC Power Distribution Company Limited.

The Transmission system comprises establishment of 765kV D/C line and associated bays extension works in the State of Rajasthan. The transmission system is an Inter State Transmission System Project and is to be completed in 18 months.

The entity was acquired for aggregate value of about Rs. 13.04 Cr. including 50,000 equity shares at par at Rs. 10 each along with assets and liabilities of the Company as on the acquisition Date (04.06.2021). However, the acquisition price is subject to adjustment as per the audited accounts of the Company as on the acquisition Date.

Shares of POWER GRID CORPORATION OF INDIA LTD. was last trading in BSE at Rs.226.15 as compared to the previous close of Rs. 226.15. The total number of shares traded during the day was 91238 in over 1368 trades.

The stock hit an intraday high of Rs. 228 and intraday low of 224.85. The net turnover during the day was Rs. 20654625.

Source : Equity Bulls

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