Kalpataru Power Transmission Ltd (KPTL) said on Wednesday that its promoters Mofatraj Munot and Parag Munot have sold 69 lakh shares representing 4.46 per cent of the company’s equity for an aggregate realization of Rs 306 crore.
“The liquidity through sale proceeds will enable the promoters in making investments in privately-held businesses to capitalize on growth opportunities, reducing pledged shares and other purposes,” it said in a statement.
Following the sale of shares, the promoter group’s holding in KPTL will be 54.38 per cent. “The promoter group will continue to maintain a majority stake in KPTL and do not plan to sell any further shares in foreseeable future,” said the statement.
On July 3, the company announced entering into binding agreements with CLP India to sell its stake in three power transmission assets for an estimated enterprise value of Rs 3,275 crore.
The assets offloaded were Kalpataru Satpura Transco, Alipurduar Transmission and Kohima Mariani Transmission.
KPTL is one of the largest engineering, procurement and construction companies in the country with interests in power transmission and distribution, oil and gas pipeline, railways, infrastructure development, civil contracting, warehousing and logistics business.