Power Grid Corporation of India, a leading power transmission company in India, pursuant to its selection as the successful bidder under tariff-based competitive bidding, has acquired Ramgarh New Transmission (RNTL), on March 9, the Project SPV (special purpose vehicle) to establish transmission system strengthening scheme for evacuation of power from solar energy zones in Rajasthan (8.1 GW) under phase II -Part A, on build, own, operate and maintain (BOOM) basis from the Bid Process Coordinator - REC Power Distribution Company.

The entity was acquired for an aggregate value of about Rs 56.1 million including 50,000 equity shares at par at Rs 10 each along with assets and liabilities of the Company as on the acquisition date.

Now, the company owns 100% equity in the RNTL. The entity shall be engaged in the business of transmission of Power. The transmission system (RNTL) comprises establishment of a new 400/220kV Substation, 400kV DIC Transmission lines and associated Substation extension works in Rajasthan. The transmission system is an Inter State Transmission System Project and is to be completed in 18 months.

The Board of Directors in its Meeting held on Mar.01, 2021 have approved the payment of Interim Dividend of Rs.4.00 per equity share of Rs. 10 each (40% of the paid up equity share capital) for the Financial Year 2020-21. The Interim Dividend shall be paid to the Members on Mar.30, 2021.

Shares of the company declined Rs 0.75, or 0.35%, to trade at  Rs 215.20.  The total volume of shares traded  was  114,709 at the BSE (12.52 p.m., Wednesday).