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Powergrid To Acquire 74% Stake In Jaypee Powergrid; Stock Slips 2%

Previous to this transaction, Powergrid owned a 26 per cent stake in Jaypee Powergrid Restricted

Powergrid Company of India has signed a share buy settlement with Jaiprakash Energy Ventures for acquisition of 74 per cent stake of JPVL (Jaiprakash Energy Ventures Restricted) in Jaypee Powergrid Restricted (a three way partnership firm of Powergrid and Jaiprakash Energy Ventures Restricted), at an combination value of Rs 351 crore. Jaypee Energy Grid Restricted will subsequently grow to be a wholly-owned subsidiary of Powergrid. at 11:00 am, the shares of Powergrid had been buying and selling decrease by 2.3 per cent at Rs 224.85 on the BSE.

Previous to this transaction, Powergrid owned a 26 per cent stake in Jaypee Powergrid Restricted.

The BSE Sensex was buying and selling at 49,442.85, weaker by 410.65 pints or 0.81 per cent and the NSE Nifty was at 14,651, down 92.50 factors or 0.62 factors on the time.

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