NTPC to acquire North Eastern Electric Power Corporation; stock up 3%

The acquisition is subject to satisfaction of customary conditions precedent, it added.

Mar 27, 2020 09:03 IST India Infoline News Service

NTPC
Shares of NTPC soared 3% on the BSE in the afternoon session. The company has executed a Share Purchase Agreement with the President of India for the acquisition of legal and beneficial ownership of 3,60,98,09,800 equity shares held by the President of India in North Eastern Electric Power Corporation (NEEPCO) and the acquisition of beneficial ownership in 600 equity shares held by the nominees of the President of India in NEEPCO (collectively representing 100% of the total paid-up share capital of NEEPCO) for an aggregate consideration of Rs4,000cr.

The acquisition is subject to satisfaction of customary conditions precedent, it added.

The stock is currently trading at Rs83.30, up by Rs2.8 or 3.48% from its previous closing of Rs80.50 on the BSE.

The scrip opened at Rs82.05 and has touched a high and low of Rs84.45 and Rs80.30 respectively.

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