Latest News | PGCIL Transfers Residual Equity in Powergrid Vizag Transmission for Rs 330 Cr

New Delhi, Apr 1 (PTI) State-owned Power Grid Corporation of India (PGCIL) has transferred its remaining 26 per cent stake shareholding in Powergrid Vizag Transmission Ltd to infrastructure investment trust PGlnvlT for a consideration of about Rs 330 crore.

Also, the company has relinquished its right of additional revenue in its subsidiaries in favour of PGInvIT against a consideration of about Rs 304 crore.

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"Power Grid has transferred balance 26 per cent equity shareholding of Power Grid Vizag Transmission Ltd (PVTL) to PGlnvlT on 31st March, 2022, at a consideration of Rs 330,78,44,638 after adjustments of dividend received by Power Grid from PVTL. With this, Power Grid has nil shareholding in PVTL," a BSE filing said.

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This has been done following the approval of PGCIL board in February this year.

"Power Grid has relinquished its right on additional revenue accruing to Power Grid Parli Transmission Ltd, Power Grid Warora Transmission Ltd and Power Grid Jabalpur Transmission Ltd to PGlnvlT on 31st March, 2022 against aggregate consideration of Rs 304,15,00,000," the filing added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)