G R Infraprojects recently informed exchanges of a share purchase agreement with REC Power Development and Consultancy Limited (“RECPDCL”) for the acquisition of “Tumkur-II REZ Power Transmission Limited” (“TRPTL”). Following this acquisition, TRPTL became a completely owned subsidiary of G R Infraprojects Limited.
As per the filing, the company also shared, “G R Infraprojects Limited has been identified as the Selected Bidder vide Letter of Intent dated 12th August 2024 for Project “Establishment of 400/220 kV 4×500 MVA Pooling Station near Tumkur, Karnataka, Tumkur-II – Tumkur (Pavagada) line 400 kV (Quad ACSR Moose) D/c line and 2×125 MVAr 420 kV bus reactors with bays at Tumkur-II PS”. As a condition of RFP of the Project, in order to undertake the Project, the Company shall purchase the Shares of Tumkur-II REZ Power Transmission Limited from REC Power Development and Consultancy Limited.”
The cost of acquisition or the price at which the shares are acquired is Rs. 6,72,13,710.