State-run power major NTPC today said it has acquired a 44.6 per cent stake in Kerala-based heavy-duty transformer maker Transformers and Electricals Kerala for Rs 31.34 crore.
"NTPC has acquired 44.6 per cent of the (currently) paid-up capital of Transformers and Electricals Kerala Ltd (TELK) from the Government of Kerala at a total value of Rs 31.34 crore," the public sector firm said in a filing to the Bombay Stock Exchange.
The acquisition of the stake is "in line with the business collaboration and shareholders agreement executed between NTPC, Government of Kerala and TELK," it further said.
However, the deal value is "subject to final price to be based on the valuation of the assets of TELK as on March 31, 2009," NTPC added.
TELK manufactures and repairs heavy-duty transformers.
Shares of NTPC today closed at Rs 191, down 3.58 per cent on the BSE.
