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Power Grid to buy 74% stake in Jaypee Powergrid, stock drops 2%

Power Grid Corporation share price declined as much as 2.45 per cent to hit an intraday low of Rs 224.70 on the BSE

twitter-logoBusinessToday.In | March 22, 2021 | Updated 12:28 IST
Power Grid to buy 74% stake in Jaypee Powergrid, stock drops 2%
Power Grid Corporation to acquire 74% stake in Jaypee Powergrid

Shares of Power Grid Corporation of India fell over 2 per cent on Bombay Stock Exchange on Monday, in line with BSE Sensex which was down 0.53 per cent. The state-owned in an exchange filing on Friday announced that it will acquire 74 per cent stake in Jaypee Powergrid for Rs 351 crore.

On Monday, Power Grid Corporation share price opened higher at Rs 234 against previous close price of Rs 230.35. During the day's trade so far, the stock declined as much as 2.45 per cent to hit an intraday low of Rs 224.70. The stock touched 52-week high of Rs 239 on February 24, 2021, and 52-week low of Rs 141.75 on March 23, 2021. There was surge in volume as 3.28 lakh shares changed hands over the counter on BSE as compared to two-week average volume of 3.7 lakh shares. The market capitalisation of the large cap stock slumped to Rs 1,17,867.71 crore.

Power Grid has signed a share purchase agreement (SPA) with Jaiprakash Power Ventures Limited (JPVL) for acquisition of 74 per cent stake of Jaypee Powergrid Limited (a joint venture company of Powergrid and Jaiprakash Power Ventures Limited) at an aggregate consideration of Rs 351.65 crore.

On completion of the transaction, Jaypee Powergrid Limited will become a wholly owned subsidiary of Power Grid.

Meanwhile, the BSE Sensex was trading lower by 236.04 points or by 0.47 per cent at 49,622, and the NSE Nifty was at 14,697.05, down by 46.95 points or by 0.32 per cent.

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