Power Finance Corporation Sells Stake in Kurnool IV REZ Power Transmission Unit
Power Finance Corporation Limited announced the transfer of Kurnool IV REZ Power Transmission Limited, a wholly owned subsidiary, to Resonia Limited. The sale marks the completion of the asset transfer process on May 29, 2026.Kurnool IV REZ Power Transmission Limited was established to facilitate the development of the "Transmission System for Kurnool-IV REZ - Phase-II (3 Gw)". The subsidiary is itself a wholly owned subsidiary of PFC Consulting Limited, which operates under Power Finance Corporation Limited.
According to the transaction details, the sale and transfer process was completed on May 29, 2026. The successful bidder for the transmission unit was identified as Resonia Limited, which was previously known as Sterlite Grid 32 Limited.
The transaction details confirm that the consideration received from the sale is Rs. 20,93,72,682 (Indian Rupees Twenty Crore Ninety Three Lakh Seventy Two Thousand Six Hundred Eighty-Two Only), as stipulated by the Share Purchase Agreement. The company noted that the successful bidder does not belong to the Promoter or the Promoter group. Furthermore, the transaction was confirmed not to fall within the purview of related party transactions, and it is not classified as a slump sale.
Key details regarding the sale are summarized below:
| Particulars | Details |
|---|---|
| Subsidiary Unit Transferred | Kurnool IV REZ Power Transmission Limited |
| Successful Bidder | Resonia Limited (formerly known as Sterlite Grid 32 Limited) |
| Transaction Completion Date | May 29, 2026 |
| Consideration Received | Rs. 20,93,72,682 |
| Related Party Status | Does not fall within related party transaction |
| Nature of Sale | Not in the nature of slump sale |
| Buyer Relationship | Does not belong to Promoter/Promoter group |
PFC Stock Price Movement
Power Finance Corporation Limited shares today slipped by 0.58% to close at ₹428.60. The stock traded on a high volume, accounting for over 16.32 million shares through the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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