Reliance Power, which is part of the Reliance Anil Dhirubhai Ambani Group announced the divestment of its entire holding in Jharkhand Integrated Power, set up to develop Tilaiya UMPP, to Jharkhand Urja Vikas Nigam Limited.
The company will be transferring its complete holding of 1,49,900 equity shares priced at Rs 10 each, aggregating to Rs 14,99,000 to Jharkhand Urja Vikas Nigam Limited, which is acting on behalf of procurers of Tilaiya UMPP.
The consideration received from the sale of the stake in Jharkhand Integrated Power is Rs 112.64 crore.
Jharkhand Integrated Power Limited, a Special Purpose Vehicle (SPV) was created for the development of Tilaiya UMPP, to Jharkhand Urja Vikas Nigam Limited, the Lead Procurer, acting on behalf of Procurers of Tilaiya UMPP.
The shares of the Reliance Power Ltd was up by 6.75 percent and stood at Rs 35.60 per piece in BSE at 3:53 pm (IST).