GMR Power and Urban Infra has acquired 1,051,154,500 equity shares of GMR Energy (GEL), a subsidiary of the company (representing 29.14% of the equity share capital of GEL), from Power and Energy International (Mauritius), a company incorporated in Mauritius (hereinafter referred to as Tenaga) and a subsidiary of Tenaga Nasional Berhad a company incorporated in Malaysia, for a negotiated consideration of $28.50 million.
The current acquisition consolidates the existing stake of the Company in GEL from about 57.76%, held by itself and its subsidiaries, to about 86.90%. With this complete buy-out of Tenaga stake, the Shareholders Agreement (SHA) with Tenaga stands terminated thereby enabling full consolidation of revenues and earnings of GEL with the Company, which till now was being done on an equity method or Joint Venture Accounting.
GMR Power and Urban Infra, a subsidiary of GEPL holds expertise in the sectors of energy, urban infrastructure and transportation.
| Company Name | CMP |
|---|---|
| NTPC | 396.10 |
| Tata Power | 435.70 |
| Adani Power | 203.05 |
| Power Grid Corp | 319.30 |
| Torrent Power | 1622.05 |
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