Power Grid acquires Bhadla Sikar

29 Mar 2023 , 01:16 AM

Power Grid Corporation has announced that it has successfully acquired Bhadla Sikar Transmission Limited (BSTL) after winning the bid through Tariff Based Competitive Bidding.

BSTL operates in the same industry as Power Grid, i.e., power transmission.

“The entity was acquired for a net payment of approximately Rs 22.76 crore. The acquisition includes 10,000 equity shares at a par value of Rs 10 each as of the acquisition date of March 28, 2023. However, the acquisition price is subject to adjustment based on the Company’s audited accounts as of the acquisition date,” said the company in its filing with the exchanges.

The Bid Process Coordinator obtained the necessary approvals for the transfer of BSTL. Following the acquisition by POWERGRID, BSTL took approval from the Central Electricity Regulatory Commission for the grant of a transmission license and the adoption of transmission charges.

At around 1.07 PM, Power Grid Corporation was trading 0.41% lower at Rs 221.20, against the previous close of Rs 222.10 on NSE.

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