Company had executed contract for stake sale in subsidiary with CLP India on July 3 last year,
Shares of Kalpataru Power Transmission fell around 4 percent on May 4 after the company terminated its agreement to sell stake in a subsidiary.
"Certain conditions precedent, as per terms of the Share Purchase and Shareholders Agreement (SPSA), could not be achieved and the company has served a notice of termination on May 1, 2020 to terminate the SPSA and accordingly SPSA stands terminated," company said in its BSE filing on May 3.
"The transaction contemplated as per SPSA viz. sale of a stake of Alipurduar Transmission held by the company to CLP India, will not materialize due to termination of SPSA," it added.
The Share Purchase and Shareholders Agreement for sale of a stake in a subsidiary Alipurduar Transmission was executed amongst the Kalpataru Power, its subsidiary and CLP India on July 3 last year.
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