The shares of Torrent Power recorded fresh highs on Monday after the company emerged the highest bidder for 51 per cent privatisation of the power distribution company (discom) in the Union Territory of Dadra and Nagar Haveli and Daman and Diu.
At 11:12 am, Torrent Power was trading at ₹378.75 on BSE, up ₹13.95 or 3.82 per cent. It hit a 52-week high of ₹385.45. It opened at ₹385.60 as against the previous close of ₹364.80.
On NSE, it was trading at ₹378.20, up ₹12.80 or 3.50 per cent. It hit a 52-week high of ₹385.60.
The company has announced that it has emerged the highest bidder for the sale of 51 per cent stake in the UT’s discom. The acquisition is subject to further formalities as prescribed under the tender documents.
The bidding has been undertaken as part of the Centre’s initiative to privatise distribution utilities of UTs to usher in efficiency, which will provide a model for emulation by other utilities across the country.
With the addition of Dadra and Nagar Haveli (including Silvasa) and Daman and Diu, Torrent will distribute nearly 25 billion units to over 3.8 million customers and cater a peak demand of over 5,000 MW, the company said.
Samir Mehta, Chairman, Torrent Group, said: “With this acquisition, Torrent will be entrusted with the responsibility to distribute over 25 billion units of power, which is equivalent to around 2 per cent of India’s total power consumption. This acquisition will significantly strengthen Torrent’s position as the leading power distribution company in the country with a presence in 12 cities spread across three States and one Union Territory.”