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Power utility company CESC Ltd on Friday informed that its subsidiary Eminent Electricity Distribution Limited has received a Letter of Intent (LOI) for acquisition of 100 per cent shares in a distribution company engaged in distribution and retail supply of electricity in the Union Territory of Chandigarh.
The company said in an exchange filing, "Eminent Electricity Distribution Limited, a wholly-owned subsidiary of CESC Ltd, has today received a letter of intent to acquire 100 per cent shares in a distribution company which distributes and retails electricity and has an electricity distribution and retail supply license in the Union Territory of Chandigarh."
The acquisition will be completed within 30 days The deal, valued at Rs 871 crore, is subject to the terms and conditions mentioned in the LOI. The acquisition is expected to be executed within 30 days. CESC reported a 1.4 per cent year-on-year rise in profit for the second quarter ended September 30, 2024, at Rs 353 crore. In the same quarter of the previous fiscal, CESC had reported a profit of Rs 348 crore. Share performance The company's share closed at Rs 172.15 on Friday with a gain of 0.68 per cent. In the last one year, the company's share has seen a gain of 72.41 per cent. The 52-week high of the share is Rs 212.49.
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