 "PTC India")
Power trading solution provider PTC India on Thursday said the company will divest its 100 per cent equity stake in its arm PTC Energy to state-owned upstream firm ONGC for an enterprise value of Rs 2,021 crore.
"Bid submitted by ONGC is an all-cash bid of Rs 925 crore for acquiring PTC's 100 per cent equity stake in PTC Energy Ltd, which corresponds to an enterprise value (i.e. the sum of outstanding debt and equity value) of Rs 2,021 crores, subject to adjustments on the date of transaction closure as per the bid format," PTC India stated in a BSE filing.
This is to further our intimation filed to the stock exchanges and to clarify some media reports regarding PTC's stake sale in PTC Energy Ltd (PEL), it stated.
The company had invited bids for selling a 100 per cent equity stake in PTC Energy. ONGC emerged as the successful bidder with a cash bid of Rs 925 crore.
PTC Energy was established in August 2008 as a subsidiary of PTC India to play a pivotal role in India's emerging energy sector through asset-based businesses.
PEL has successfully commissioned seven wind projects of 288.8 MW capacity in Madhya Pradesh, Andhra Pradesh and Karnataka.
The company stated in the filing that it is reiterated that this transaction is subject to the fulfilment of Conditions Precedent (CP), other terms & conditions as per the share purchase agreement to be executed between the parties and approvals as may be required under applicable laws.
Further, it also stated that the acquisition is subject to shareholders' approval of PTC India Limited as per applicable regulations.
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