CESC’s wholly owned subsidiary - Spen Liq, is entering into an agreement with Firstsource Solutions (FSL) having its registered office at Mumbai to subscribe to 34.5% of FSL’s expanded paid up share capital. The board at its meeting held on October 25, 2012 has taken the note of it.
CESC will be ‘a Person Acting in Concert’ along with Spen Liq which will make a mandatory open offer in terms of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeover) Regulations, 2011.
Besides, Spen Liq is also executing a separate share purchase agreement with three of FSL’s existing shareholders to purchase, collectively, 15% of FSL’s total expanded share capital from them.
CESC is engaged in power generation and distribution in state of West Bengal. Being part of RPG Group, the company made Calcutta free of load shedding and brought in new power connections, fault-free supply, quick response to local faults, complaint-free billing and swift redressal of customer grievances.
| Company Name | CMP |
|---|---|
| NTPC | 399.70 |
| Tata Power | 436.30 |
| Adani Power | 204.40 |
| Power Grid Corp | 321.60 |
| Torrent Power | 1621.75 |
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