inventory: PTC India to divest 100 percent fairness in PTC Vitality for Rs 2,021 cr enterprise worth

Energy buying and selling resolution supplier PTC India on Thursday stated the corporate will divest its 100 per cent fairness stake in its arm PTC Vitality to state-owned upstream agency ONGC for an enterprise worth of Rs 2,021 crore. “Bid submitted by ONGC is an all-cash bid of Rs 925 crore for buying PTC’s 100 per cent fairness stake in PTC Vitality Ltd, which corresponds to an enterprise worth (i.e. the sum of excellent debt and fairness worth) of Rs 2,021 crores, topic to changes on the date of transaction closure as per the bid format,” PTC India said in a BSE submitting.

That is to additional our intimation filed to the inventory exchanges and to make clear some media studies concerning PTC’s stake sale in PTC Vitality Ltd (PEL), it said.

The corporate had invited bids for promoting a 100 per cent fairness stake in PTC Vitality. ONGC emerged because the profitable bidder with a money bid of Rs 925 crore.

PTC Vitality was established in August 2008 as a subsidiary of PTC India to play a pivotal position in India’s rising vitality sector via asset-based companies.

PEL has efficiently commissioned seven wind tasks of 288.8 MW capability in Madhya Pradesh, Andhra Pradesh and Karnataka.

The corporate said within the submitting that it’s reiterated that this transaction is topic to the fulfilment of Circumstances Precedent (CP), different phrases & circumstances as per the share buy settlement to be executed between the events and approvals as could also be required underneath relevant legal guidelines.

Additional, it additionally said that the acquisition is topic to shareholders’ approval of PTC India Restricted as per relevant rules.

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