India Grid Trust said on Thursday that Electron IM PTE Ltd (Electron) has acquired 40.01 per cent stake in Sterlite Investment Managers Ltd (SIML) in second tranche.
Post acquisition, Electron holds 60 per cent stake in SIML.
SIML is the investment manager of India Grid, an infrastructure investment trust sponsored by Sterlite Power Grid Ventures.
"Pursuant to Share Subscription and Purchase Agreement (SSPA) on April 30, 2019, Electron has completed acquisition of second tranche shares constituting 40.01 per cent shares of SIML at a consideration of Rs 6.05 crore," a BSE filing by India Grid said.
Total consideration for acquiring 74 per cent stake by Electron in SIML would be around Rs 20 crore.
In May, the company informed the bourse that its board had decided to authorise execution of definitive agreement with Electron, an affiliate of KKR & Co Inc (KKR), for investment by Electron in SIML and the consequent change in control of SIML.
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