Saturday, July 11, 2020
News

IL&FS invites EoI to sell its 26% stake in OTPC

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

New Delhi | Monday, 2020 5:45:06 PM IST
Moving ahead with its asset monetisation process IL&FS has invited expressions of interest (EoI) to divest the 26 per cent stake the crisis-hit company holds through IFIN and IEDCL.

IL&FS invites Expressions of Interest for acquisition of 26% of the issued and outstanding shares of OTPC owned by IFIN and IEDCL. Through IEDCL, IL&FS holds 12.03 per cent and through IFIN, the group holds 13.97 per cent.

The other shareholders of OTPC are state-run ONGC, with 50 per cent stake, IndiaInfrastructure Fund-II with 23.5 per cent, managed by Global Infrastructure Partners and the Government of Tripura holding 0.5 per cent stake.

ONGC Tripura Power Company (OTPC) operates a fully operational natural gas based 726.6 MW power plant located in Palatana, Tripura, supplying power to the energy deficit region of north east India. In addition to the benefit of availability of local gas wells for drawing sufficient gas, OTPC also has a load-center advantage, with access to the energy deficit north-eastern region of India as well as Bangladesh.

Consummation of any transaction pursuant to the process initiated by this EOI will be subject to necessary approvals, including, the approval of the Board and requisite corporate approvals of other relevant group companies, if applicable. Further, approvals required under applicable law or from statutory authorities under the overall supervision of Justice D.K. Jain (Retd.), and approval of the NCLT would also be required.

The Board has engaged Arpwood Capital Private Limited and JM Financial Limited to assist in the Potential Transaction.

In terms of eligibility for bidding, corporate bodies should have a minimum net worth of Rs 150 crore as per the audited balance sheet as of March 31, 2019 or later.

On the other hand investment funds, including private equity funds should have minimum assets under management in India of Rs 600 crores as of March 31, 2019 or later, or committed funds available for investment or deployment in companies incorporated in India of at least Rs 600 crores only, as of March 31, 2019 or later.

The EoIs have to be submitted by 5 p.m. on June 8, 2020.

--IANS rrb/sn/in

( 364 Words)

2020-05-25-11:47:54 (IANS)

 
  LATEST COMMENTS (0)
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
Canara Bank to raise up to Rs 8,000 cr v...
Franklin Templeton receives Rs 1,252 cr ...
Air India effects transfers in its Opera...
Auto component sector's revenues estimat...
'Govt, RBI need to ensure that banks flu...
SBI Board to discuss raising capital via...
More...
 
INDIA WORLD ASIA
Security tightened in UP for lockdown ti...
Tablighi case: Court lets 62 Malaysians,...
IMD sounds red alert for east UP, warns ...
Vice President intervenes in DU quota ro...
One held in Raj for threatening to blow ...
Jannayak Janta Party dissolves all party...
More...    
 
 Top Stories
Italy conducts successful test on V... 
US President Trump commutes former ... 
Jewellery shop in Surat selling dia... 
President of Bolivian Senate tests ... 
US court finds Russian citizen Niku... 
COVID-19: With gold artisans return... 
Air India ends services of trainee ... 
Inmates at UP's Firozabad jail clan...