Torrent Power inches up on entering into SPA with Blue Daimond Properties, Balrampur Chini Mills
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Torrent Power is currently trading at Rs. 506.85, up by 0.20 points or 0.04% from its previous closing of Rs. 506.65 on the BSE.
The scrip opened at Rs. 509.50 and has touched a high and low of Rs. 511.55 and Rs. 501.90 respectively. So far 20148 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 606.05 on 15-Dec-2021 and a 52 week low of Rs. 326.00 on 12-Feb-2021.
Last one week high and low of the scrip stood at Rs. 589.95 and Rs. 500.40 respectively. The current market cap of the company is Rs. 24374.48 crore.
The promoters holding in the company stood at 53.57%, while Institutions and Non-Institutions held 29.20% and 17.24% respectively.
Torrent Power has entered into a Share Purchase Agreement (SPA) with Blue Daimond Properties and Balrampur Chini Mills (the Sellers) for the acquisition of 100% Equity Share Capital of Visual Percept Solar Projects (the SPV).
The SPV operates 25 MW Solar power in the state of Gujarat. Long-term Power Purchase Agreement (PPA) for the Project is with Gujarat Urja Vikas Nigam (GUVNL) for a period of 25 years. Enterprise Value estimated for this acquisition is Rs 163 crore, subject to Closing Price Adjustments, if any. The acquisition is further subject to customary conditions for transaction closure.
Torrent Power is an integrated utility engaged in the business of power generation, transmission and distribution with operations in the states of Gujarat, Maharashtra and Uttar Pradesh.
