Power Grid acquires Neemuch Transmission Ltd

Power Grid Corporation of India Limited, pursuant to its selection as the successful bidder under Tariff based competitive bidding, has on 24.08.2022 acquired Neemuch Transmission Limited (NTL), the Project SPV to establish "Transmission System for Evacuation of Power from Neemuch SEZ", on build, own, operate and transfer (BOOT) basis from the Bid Process Coordinator - REC Power Development and Consultancy Limited.

The Transmission system comprises establishment of two 400kV DIC Transmission lines passing through the states of Rajasthan and Madhya Pradesh, a New 400/220kV Pooling Substation at Neemuch (Madhya Pradesh) and 400kV bay extension works. 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. 17.23 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 (24.08.2022). 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 Limited was last trading in BSE at Rs. 227.25 as compared to the previous close of Rs. 225.90. The total number of shares traded during the day was 708971 in over 3553 trades.

The stock hit an intraday high of Rs. 228.70 and intraday low of 223.45. The net turnover during the day was Rs. 161352509.00.

Source : Equity Bulls

Keywords

PowerGridCorporationofIndia INE752E01010 PGCIL Acquisition NeemuchTransmission