Kalpataru Power Transmission (KPTL) and its joint venture partner have completed 74 percent equity stake sale in Jhajjar KT Transco (JKTPL) to IndiGrid.
The company had entered into definitive agreement with India Grid Trust, an infrastructure investment trust, acting through its Trustee (Axis Trustee Services) and Investment Manager (Sterlite Investment Managers), to sell its stake in JKTPL.
The company held 49.72 percent, Klassik Vinyl Products (KVPL) held 1.32 percent and Techno Electric & Engineering Company held balance 48.96 percent equity in JKTPL.
KPTL has completed sale of about 37.78 percent of equity shares (which includes 1.32 percent equity shares held by KVPL and acquired by the KPTL). JKTPL has been sold at an enterprise value of Rs 3.1 billion. The balance shares held by the company and Techno shall be transferred on second closing date subject to fulfillment of conditions precedent to second closing, which is expected to be completed shortly.