Power Grid gains on acquiring Meerut- Simbhavali Transmission

Power Grid Corporation of India is currently trading at Rs. 186.60, up by 0.50 points or 0.27% from its previous closing of Rs. 186.10 on the BSE.

The scrip opened at Rs. 185.80 and has touched a high and low of Rs. 186.85 and Rs. 184.80 respectively. So far 134559 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 216.20 on 01-Aug-2019 and a 52 week low of Rs. 173.05 on 14-Feb-2019.

Last one week high and low of the scrip stood at Rs. 188.95 and Rs. 184.80 respectively. The current market cap of the company is Rs. 97307.57 crore.

The promoters holding in the company stood at 55.37%, while Institutions and Non-Institutions held 40.26% and 4.37% respectively.

Power Grid Corporation of India has acquired Meerut-Simbhavali Transmission (MSTL), the Project SPV to establish transmission system for construction of 765/400/220 kV GIS Substation, Meerut with associated lines and 400/220/132 kV GIS Substation, Simbhaoli with associated Transmission lines, on build, own, operate and maintain (BOOM) basis from PFC Consulting (the Bid Process Coordinator).

MSTL has been acquired by Power Grid pursuant to its emerging as successful bidder under Tariff Based Competitive Bidding and is engaged in the business as that of Powergrid i.e. transmission of power. The entity was acquired for aggregate value of about Rs 8.11 crore including 10,000 equity shares at par at Rs 10 each along with assets and liabilities of the company as on the acquisition date i.e December 19, 2019.

Power Grid Corporation of India is an Indian state-owned electric utilities company headquartered in Gurgaon, India.

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