PFC transfers subsidiary to Resonia for Rs 20.94 crore
Power Finance Corporation Limited transferred its wholly owned subsidiary, Kurnool IV REZ Power Transmission Limited, to Resonia Limited for Rs 20.94 crore on May 29, 2026. The transaction, completed under Regulation 30, was not a slump sale and was based on Ministry of Power guidelines.
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Power Finance Corporation Limited transferred its wholly owned subsidiary, Kurnool IV REZ Power Transmission Limited, to Resonia Limited for Rs 20.94 crore on May 29, 2026. The subsidiary was established for the development of the Transmission System for Kurnool-IV REZ - Phase-II (3 GW). The transaction was completed under Regulation 30 of the listing regulations.
The transfer process was finalized on May 29, 2026, as per the Share Purchase Agreement. Resonia Limited, formerly known as Sterlite Grid 32 Limited, was identified as the successful bidder. The company confirmed that the buyer does not belong to the promoter or promoter group of Power Finance Corporation.
The consideration received from the disposal amounted to Rs 20,93,72,682. The contribution of the subsidiary to the listed entity's turnover or net worth during the last financial year was negligible. The transaction does not fall within the purview of related party transactions and was not conducted at arm's length.
The sale and transfer of the subsidiary were not in the nature of a slump sale. The consideration for the transfer was determined in accordance with the guidelines issued by the Ministry of Power, Government of India. The disclosure was made by Manish Kumar Agarwal, Company Secretary & Compliance Officer of Power Finance Corporation.
Transaction Details
| Particulars | Details |
|---|---|
| Subsidiary Transferred | Kurnool IV REZ Power Transmission Limited |
| Buyer | Resonia Limited (formerly Sterlite Grid 32 Limited) |
| Consideration | Rs 20.94 crore |
| Date of Completion | 29.05.2026 |
| Related Party Transaction | No |
| Nature of Sale | Not a slump sale |
Historical Stock Returns for Power Finance Corporation
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.75% | -2.19% | -9.39% | +16.10% | +1.84% | +337.55% |
How will the proceeds from this divestment impact Power Finance Corporation's capital allocation strategy over the next fiscal year?
What are the expected synergies for Resonia Limited following the acquisition of the Kurnool-IV REZ Phase-II transmission project?
Does this transaction signal a broader trend of Power Finance Corporation exiting non-core infrastructure investments?
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