Kalpataru Power, JV partner complete 100% stake sale in JKTPL

Kalpataru Power Transmission Ltd (KPTL) and a joint venture partner have completed 100 percent stake sale in Jhajjar KT Transco to IndiGrid, as per a BSE filing on Monday.

On September 28, KPTL had informed the exchanges that the parties have completed sale of 74 percent stake in Jhajjar KT Transco Pvt Ltd (JKTPL) in first round of equity selling to India Grid Trust (IndiGrid).

The company has completed the transfer of remaining shares, representing about 13.26 cent of outstanding shares, held in JKTPL to IndiGrid, KPTL said in a BSE filing on Monday.

"The parties have completed the sale of second closing sale shares, which represents about 26 percent (13.26 percent held by KPTL and 12.74 percent held by Techno) of the total equity shares of JKTPL to IndiGrid,” it said.

With the completion of sale of second closing sale shares, 100 cent of equity shares of JKTPL are now held by IndiGrid along with its nominees, the filing added.

In May this year, KPTL had announced execution of share purchase agreement to sell its entire stake in JKTPL to IndiGrid for an enterprise value of Rs 310 crore.

KPTL held 49.72 percent, Klassik Vinyl Products LLP (KVPL) held 1.32 percent and Techno Electric & Engineering Company (Techno) held 48.96 percent stake in JKTPL.

JKTPL holds the first power transmission project secured by KPTL and Techno on DBFOT (Design-Build-Finance-Operate-Transfer) basis.