Kalpataru Power Transmission has had a tumultuous day today. It opened with a gain of over 3.2% at Rs.549, going up to Rs.551.40, which is just whiskers away from its 52-week high of Rs.553.50. Volumes jumped up over almost 4 times.
The company announced today morning that it has entered into a binding agreement with CPL India to sell stake in 3 power transmission assets – Kalpataru Satpura Transco Private Limited (KSTPL), AlipurduarTransmission Limited (ATL) and Kohima Mariani Transmission Limited (KMTL), referred jointly as SPVs, for an estimated enterprise value of Rs.3275 crore.
As a part of this deal, the transaction for ATL and KMTL will be effective post Commercial Operation date (COD) and fulfilment of certain conditions. Techno Electric & Engineering Company Limited (Techno) owns 26% stake in KMTL. The estimated amount of debt at the SPVs levels would be approximately Rs. 2,000 crore at the time of COD.