NCC inks pact to sell stake in SGPL for Rs 301 crore

NCC Infrastructure Holdings, a subsidiary of NCC Ltd, has entered into a share-sale agreement with Sembcorp Utilities Pvt Ltd, for sale of a part of the stake in Sembcorp Gayatri Power for Rs 301.26 crore.

"The present transaction involves sale of 21,60,94,909 shares of Rs 10 each held by NCC Infrastructure Holdings for gross consideration of Rs 301.26 crore (including interest)," NCC said in a BSE filing.

It also said after adjustment of the additional mobilisation advance received from SGPL for execution of the project, the company will be receiving net amount of Rs 77.04 crore.

Sembcorp Gayatri Power (SGPL) is implementing the 1,320 MW coal-fired power project near Krishnapatnam, Nellore in Andhra Pradesh.

NCC is the engineering, procurement and construction (EPC) contractor for the power project being implemented by the SGPL.