Powergrid Corporation of India has signed a share purchase agreement with Jaiprakash Power Ventures for acquisition of 74 per cent stake of JPVL (Jaiprakash Power Ventures Limited) in Jaypee Powergrid Limited (a joint venture company of Powergrid and Jaiprakash Power Ventures Limited), at an aggregate cost of Rs 351 crore. Jaypee Power Grid Limited will subsequently become a wholly-owned subsidiary of Powergrid. at 11:00 am, the shares of Powergrid were trading lower by 2.3 per cent at Rs 224.85 on the BSE.
Prior to this transaction, Powergrid owned a 26 per cent stake in Jaypee Powergrid Limited.
The BSE Sensex was trading at 49,442.85, weaker by 410.65 pints or 0.81 per cent and the NSE Nifty was at 14,651, down 92.50 points or 0.62 points at the time.