Reliance Infrastructure Limited executes BTA for Transfer of its WRSSS Transmission Undertakings

Reliance Infrastructure Limited executes BTA for Transfer of its WRSSS Transmission Undertakings

Rel Infra on Tuesday said that it has entered into exclusive negotiations with ATL until mid-January 2018 for the sale of its Mumbai assets, which is reportedly valued at Rs 13,000-14,000 crore. "Further announcements will be made at an appropriate stage".

Meanwhile, the S&P BSE Sensex was up 81.17 points or 0.25% at 31,928.06.

Shares of Adani Transmission jumped 10 per cent to Rs 193.25 per share, while shares of Reliance Infrastructure rose as much as 3.5 per cent to Rs 494. The scrip opened at Rs 177.5 and has touched a high and low of Rs 193.25 and Rs 174.05 respectively. The stock had also outperformed the market over the past one quarter, gaining 36.89% as against the Sensex's 1.55% rise.

The large-cap company has equity capital of Rs 1099.81 crore.

Reliance Infrastructure has entered into a period of exclusivity with Adani Transmission for proposed sale of its integrated business of generation, transmission and distribution of power for Mumbai. "Accordingly, there can be no certainty that a transaction will result", it said.

Abhishek Tyagi, vice-president and senior analyst at Moody's, said: "To the extent that a successful transaction emerges, the impact on Adani Transmission's credit profile will likely be negative, given the significance of the transaction and the likelihood that it would be substantially debt funded".

The proposed acquisition is subject to several conditions, including satisfactory due diligence, execution of a documentation, and certain approvals.

WRSSS B & C Undertakings are being transferred to its two subsidiaries as part of process of sale of the businesses to Adani Transmission Limited. In 2015, Rel Infra signed an agreement with Canadian pension fund, Public Sector Pension Investment Board to sell 49% in its Mumbai assets for an enterprise value of Rs 15,000 crore.



Related Posts

Silent Witness on display for Domestic Violence Awareness
The term "domestic violence" forces on ears and minds a negative connotation, and for good reason. The Palmetto State has placed in the top 10 worst states every year for the past 20 years.

Trump says could envision trade deal with Canada without Mexico
He blasted Trump for his "undue emphasis" on reducing the United States' US$64 billion trade deficit with Mexico. Mexico strongly opposes such a move, which would damage its own auto industry.

Egypt: Khattab Gets 12 Votes in 2nd Round of Unesco Election
Polad Bulbuloglu of Azerbaijan withdrew from the race, dropping the number of candidates down to six. Khattab finished third in the first round of voting on Monday with 11 votes.

Megyn Kelly is destroying NBC's morning ratings
Another possible change may be to take the " Today " name off Kelly's hour to avoid further damage to the brand. It's been a bumpy couple of weeks for Megyn Kelly in her newest role as a morning TV host on NBC's Today .

Achaogen, Inc. (NASDAQ:AKAO) Sees Price Swing - Down by 8.98%
Bank of Nova Scotia acquired a new position in Achaogen during the 2nd quarter worth approximately $1,740,000. Wildcat Capital Management Llc holds 66.42% of its portfolio in Kite Pharma Inc for 2.41 million shares.

Ameris Bancorp (ABCB)'s Stock Is Buy After Achieving 52-Week High
Maltese Capital Management Llc increased National Comm Corp stake by 115,000 shares to 160,000 valued at $6.33 million in 2017Q2. (BIG)'s stock declined 8.85%. 300 Ameris Bancorp (NASDAQ:ABCB) shares with value of $13,220 were bought by Bowen William I.

Bug Exposed T-Mobile Data With Just a Phone Number
T-Mobile said in a statement that "we were alerted to an issue that we investigated and fully resolved in less than 24 hours". Saini notes that T-Mobile offered him a $1,000 reward as part of its bug bounty program.

Fighter jets, navy ship data hacked
A hacker group codenamed "Alf" after the Home and Away character has broken into a defence contractor and stolen sensitive data on military projects.

Jamie Carragher has named his Premier League team of 2017
Right winger: Sadio Mane ( Liverpool )'Last season without him Liverpool fell apart at times. Centre midfield: N'Golo Kante (Chelsea)'The defensive player in the middle.

Auburn hires law firm to investigate academic misconduct allegations
It's the same law firm that Auburn hired to investigate both the softball and men's basketball programs in the past two months. The athletic department called the allegation false, but it is one in a series of probes now going on at Auburn.

© 2015 ExpressNewsline. All Rights reserved.