Kalpataru buys back shares worth ₹142.68 crore1 min read . Updated: 27 Nov 2020, 10:50 PM IST
- The company has deployed ₹142,68,70,928.45, which represents 71.34% of the maximum buyback size, KPTL said
- Kalpataru Power Transmission last week commissioned Kohima-Mariani electricity transmission project
Kalpataru Power Transmission Ltd on Friday said it has bought back 58.06 lakh equity shares for ₹142.68 crore. "The company has bought back 58,06,262 equity shares at an average price of ₹245.75 per equity share," according to a BSE filing.
The company has deployed ₹142,68,70,928.45, which represents 71.34 per cent of the maximum buyback size, KPTL said.
The company had announced to buy back its equity shares from the open market through the stock exchange mechanism, for an aggregate amount not exceeding ₹200 crore.
The buyback committee has approved the closure of the buyback pursuant to the terms of the public announcement, with effect from the close of trading hours of November 27, it added.
After the buyback, the equity stake of promoter and promoter group has increased to 56.49 per cent from 54.37% earlier, according to statement.
KPTL is one of the largest and fastest growing specialized EPC (engineering, procurement and construction) companies in India engaged in power transmission & distribution, oil & gas pipeline, railways, infrastructure development, civil contracting and warehousing & logistics business.
Kalpataru Power Transmission last week commissioned Kohima-Mariani electricity transmission project.
In July, Kohima-Mariani Transmission Ltd (KMTL), a special purpose vehicle, had commissioned Element-1 (substation) and Element-3 (New Kohima-New Mariani Line). With the commissioning of Element 2 (Imphal-New Kohima Line) now, the project is complete, a KPTL statement mentioned.
KMTL was set up to implement a transmission system under North Eastern Region Strengthening Scheme (NERSS-VI). The project was won under a competitive bidding process conducted by PFC Consulting Ltd (PFCCL).
"We are pleased to announce the complete commissioning of the KMTL Transmission Asset. In line with our business plan, we will now swiftly proceed towards the divestment phase of KMTL. This asset has already been divested to CLP India and the process of transaction closure will be completed soon," KPTL MD & CEO Manish Mohnot said.