New Delhi, Feb 22 (PTI) Shares of Torrent Power Ltd on Monday jumped nearly 4 per cent after the firm said it has emerged as the highest bidder for 51 per cent stake in a power distribution company in the Union Territory of Dadra & Nagar Haveli and Daman & Diu.

On BSE, the scrip rose 3.91 per cent to end at Rs 379.05. Intra-day, it was trading at a 52-week high of Rs 385.45.

On NSE as well, the shares of the firm increased 3.33 per cent to close the counter at Rs 377.55 apiece. It had hit its 52-week high of Rs 385.6, during the trading session.

The Bidding for the Distribution Business of the union territory (UT) has been undertaken as a part of the Government of India's initiative to privatize distribution utilities of UTs to usher in efficiency, which will provide a model for emulation by other utilities across the country.

On Saturday, the company in a regulatory filing had said that the acquisition of 51 per cent stake in the power distribution company is subject to further formalities as prescribed under the tender documents.

The discom of the UT has annual revenue of about Rs 4,500 crore at sale of around 9,000 million units of electricity every year to 1.5 lakh consumers covering geographical area of 603 square kilometres.

Samir Mehta, the chairman of Torrent Group, said that with this acquisition, Torrent will be entrusted with the responsibility to distribute over 25 billion units of power, which is equivalent to around 2 per cent of India's total power consumption.

(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)