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CESC Tanks 6% As Subsidiary Wins Pune Franchisee Of IPL
Shares in CESC fell as much as 6 per cent, after the company said that its subsidiary India Rising won the rights to the Pune Franchisee of the IPL.
"CESC Ltd has informed BSE that New Rising Promoters Private Limited, a CESC subsidiary, has on December 08, 2015 won the bid floated by The Board of Control for Cricket in India for acquiring the rights and obligations to operate Pune franchise of the Indian Premier League for a period of two years," the company said in a filing to the BSE.
CESC is India's first fully integrated electrical utility company HAS been operational since 1897 in generating and distributing power in Kolkata and Howrah.
The company has private participation in generation, transmission and distribution of electrical power. CESC is the sole distributor of electricity within an area of 567sq km of Kolkata & Howrah and serve 2.9 million consumers which include domestic, industrial and commercial users. It also owns & operates three thermal power plants generating 1125 MW of power.
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