India Grid Trust has signed share purchase agreement on July 30, 2022 for acquisition of 100% shareholding and economic interest, in one or more tranches, in Raichur Sholapur Transmission Company Private Limited from Patel Engineering Limited (owning 33.34% stake), Simplex Infrastructures Limited (owning 33.33% stake) and BS Limited (owning 33.33% stake). The completion of acquisition would depend upon receipt of relevant approvals and completion of contractual obligations.
The Enterprise value not exceeding Rs. 2,500 million subject to all other adjustments on account of movement in unrestricted cash, realizable tariff receivables over and above the normalized net working capital, other assets net of debt and other liabilities outstanding as per the management certified (and subsequently audited) financial statements submitted, and as specified in the definitive documents to be entered into ("Closing Adjustments").
The acquisition of aforesaid power transmission asset is in line with the IndiGrid's investment strategy as provided in the Trust Deed with a focus to ensure stable distribution to unitholders by owning assets with long term contracts.
RSTCPL was incorporated on November 19, 2009 and entered into a TSA with long term transmission customers in August 2010. RSTCPL operates one single circuit 765 kV transmission line between Raichur and Sholapur, with a line length of approximately 208 ckms. The Asset was fully commissioned in July 2014. During the FY 2021-22, RSTCPL had a total Revenue of ~Rs. 38.70 Crores.
Shares of India Grid Trust was last trading in BSE at Rs. 141.30 as compared to the previous close of Rs. 144.22. The total number of shares traded during the day was 16053 in over 1045 trades.
The stock hit an intraday high of Rs. 143.00 and intraday low of 141.00. The net turnover during the day was Rs. 2275104.00.