Reliance Infra in focus on debt reduction strategy
DSIJ Intelligence / 07 Dec 2016
Reliance Infrastructure has inked a Share Purchase Agreement (SPA) with Adani Transmission (ATL) for 100 per cent stake sale of its Western Region System Strengthening Scheme (WRSSS) transmission assets.
Reliance Infrastructure has inked a Share Purchase Agreement (SPA) with Adani Transmission (ATL) for 100 per cent stake sale of its Western Region System Strengthening Scheme (WRSSS) transmission assets. The SPA for Parbati Koldam Transmission Company (PKTCL) will be executed upon receipt of approval from Power Grid Corporation of India (PGCIL) and other statutory approvals. Post-transaction, ATL will acquire 100 per cent ownership in WRSSS B&C and 74 per cent ownership in PKTCL.
The company will utilise proceeds for debt reduction. SBI Capital Markets is acting as financial advisors to Reliance Infrastructure for this transaction.
On the financial front, Reliance Infrastructure’s revenue decreased 7.78 per cent to Rs 6973 crore in Q2FY17 as compared to the same period in the previous financial year. The company’s operating profit reduced 1.31 per cent to Rs 1139 crore in Q2FY17 on a yearly basis. Its net profit increased 33.83 per cent to Rs 571 crore in Q2FY17 as compared to the same period in the previous fiscal.
The share price of Reliance Infrastructure increased 1.3 per cent on the bourses in early trades and is trading at Rs 471 on intra-day basis.
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