Kalpataru Power Transmission Ltd (KPTL) on Monday said the firm and its joint venture partner have completed 74 per cent equity stake sale in Jhajjar KT Transco Pvt Ltd (JKTPL) to IndiGrid.
"We are pleased to inform you that the Parties have today completed the sale of first closing sale shares, which represents about 74 per cent of the total equity shares of the JKTPL after obtaining the requisite regulatory and other approvals and compliance with condition precedents," according to a BSE filing.
KPTL has completed sale of about 37.78 per cent of equity shares (which includes 1.32 per cent equity shares held by KVPL and acquired by the Company), the filing added.
Earlier in May this year, KPTL had announced that it would sell the joint venture at an enterprise value of Rs 310 crore.
The KPTL held 49.72 per cent, Klassik Vinyl Products LLP (KVPL) held 1.32 per cent and Techno Electric & Engineering Company Ltd (Techno) held balance 48.96 per cent equity in JKTPL.
The sale of balance shares held by KPTL and Techno is expected to be completed shortly.
In May this year, KPTL had announced execution of share purchase agreement (SPA) to sell its entire stake in JKTPL to India Grid Trust (IndiGrid) for a total Enterprise Value (EV) of JKTPL at about Rs 310 crore, subject to certain adjustments on account of assets and liabilities at the time of closing of the transaction.
The JKTPL holds the first power transmission project secured by KPTL and TEECL on DBFOT (Design-Build-Finance-Operate-Transfer) basis. The project comprises of three 400 kV power transmission lines and two 400 kV and sub-stations in Haryana.
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