Anil Ambani-led Reliance Infrastructure Ltd on Wednesday made an agreement to sell its power transmission assets to Adani Group for more than Rs. 2,000 crore. Reliance Infra runs two electricity transmission lines across Maharashtra, Gujarat, Madhya Pradesh and Karnataka and has a 74 per cent stake in another in Himachal Pradesh and Punjab.
The company said in a statement that it has announced the signing of a binding term sheet with Adani Transmission for 100 per cent stake sale of its transmission assets. Whereas the two companies did not give valuation of the deal, banking sources said the sale consideration was in excess of Rs. 2,000 crore.
Reliance Infra owns the country's first 100 per cent private sector transmission project Western Region System Strengthening Scheme (WRSSS). Furthermore, It owns 74 per cent in Parbati Koldam Transmission Company Limited (PKTCL) situated in Himachal Pradesh and Punjab in joint venture with Power Grid Corporation of India Ltd (PGCIL)
All three transmission projects are executed and generating revenue. The entire sale proceeds will be utilized for debt reduction.The transaction is in line with the strategic plan of monetizing non-core business and focus on major growth areas like defence and EPC business.
Reliance Infra has finished monetization of cement business and is in final stage of doing the mentioned for roads and Mumbai power businesses. The proposed Transaction is subject to definitive documentation, due diligence, applicable regulatory approvals and certain other conditions. Further announcements will be made at an appropriate stage.
SBI Capital Markets Ltd has been acting as financial advisors to RInfra for this transaction.
The 52 week high of Reliance Infra share price is observed at Rs. 635.70 on 9th Sept ’16 while the 52 week low value is seen at Rs. 350.25 on 5th Oct ‘15. The Average Daily Movement of the stock is 19.30 and its average volume for last 20 days is 3623192. The stock yields -4.00% monthly returns and has the PE ratio of 7.86. The market cap of the company amounts to Rs. 15520.35 (Cr) and has a book value of Rs. 1025.52.
Reliance Infra is identified by Dynamic Levels as the top 500 performing stocks for the June quarter amongst the 1700 stocks listed on the NSE. Reliance Infra is fundamentally strong and is safe for investment, according to Dynamic analysts
In order to know more about the support and resistance levels of the stock and also its fundamentals and financials, please a pay a visit to Reliance Infra share price history.
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