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NCLT grants approval for acquisition of IL&FS's stake in OTPC by GAIL

The stake is being acquired from IL&FS Group companies namely IL&FS Energy Development Company Ltd (EDCL) and IL&FS Financial Services Ltd (IFIN).

November 08, 2021 2:46 IST | India Infoline News Service
GAIL India
Gail (India) on Friday said that the National Company Law Tribunal has granted approval for the acquisition of IL&FS Groups 26% equity stake in ONGC Tripura Power Company (OTPC).

Gail said in the filing, that the National Company Law Tribunal (NCLT) has granted approval for the acquisition of a 26% equity stake of M/s Infrastructure Leasing & Financial Services (L&FS) Group by GAIL (India) Limited in ONGC Tripura Power Company Ltd. (OTPC).

The stake is being acquired from IL&FS Group companies namely IL&FS Energy Development Company Ltd (EDCL) and IL&FS Financial Services Ltd (IFIN).

The Closing of transaction is yet to take place and actions are being taken by IL&FS and GAIL for the same, it added.

The stock is currently trading at Rs151.25 down by Rs0.25 or 0.17% from its previous closing of Rs151.50 on the BSE.

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