The proceeds will be used for equity contribution in existing as well as new power transmission projects. This would be the first foreign investment into India's power transmission sector.
Standard Chartered Private Equity will invest Rs 500 crore in Sterlite Technologies power transmission infrastructure business for a minority stake. "Sterlite Technologies, power transmission solutions provider...has entered into agreements with Standard Chartered Private Equity for an equity investment of Rs 500 crore in Sterlite Power Grid Ventures Ltd (SPGVL)," Sterlite Technologies said in a statement.
SPGVL, a subsidiary of Sterlite, focused on the development and operations of power transmission projects, will issue convertible securities to Standard Chartered Private Equity for a minority share. The proceeds will be used for equity contribution in existing as well as new power transmission projects. This would be the first foreign investment into India's power transmission sector, the company said in the statement.
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The first three projects of SPGVL with over 2,000 km of transmission lines are in final stages of completion, while the next 3 projects will start operating sequentially from financial 2017. "T&D is a clear bottleneck due to which many parts of the country are energy surplus while others remain power-deficient," said Pravin Agarwal, Chairman - SPGVL & Director - Sterlite Technologies Ltd.
"We believe that our partnership with the Sterlite group will help the build-out and the strengthening of the transmission infrastructure in India," said Udai Dhawan, Managing Director and India Head of Standard Chartered Private Equity.
Sterlite Techno stock price
On May 29, 2014, Sterlite Technologies closed at Rs 43.20, down Rs 1.25, or 2.81 percent. The 52-week high of the share was Rs 45.70 and the 52-week low was Rs 15.75.
The company's trailing 12-month (TTM) EPS was at Rs 1.27 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 34.02. The latest book value of the company is Rs 31.32 per share. At current value, the price-to-book value of the company is 1.38.
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