Torrent Power shares jumped more than 2% to hit a 52-week high of Rs 1.993,00 after the company signed a Share Purchase Agreement to sell its 100% stake in Torrent Electricals Limited to its holding firm, Torrent Investments Private Limited.
This arm’s-length transaction implies TIPL now owns 100% of TEL’s share capital. TPL will retain a 25.74% stake in TIPL.
As of 11:32 am, Torrent Power shares were trading 2.04% higher at Rs 1.979,45 on the NSE.
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