Patel Engineering : Sale or disposal of unit/ division/subsidiary

Published July 30, 2022 at 2:52 p.m. UTC

Source: MarketScreener

	CIN: L99999MH1949PLC007039
Date: July 30, 2022
BSE Limited	National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers,	Exchange Plaza,
Dalal Street, Fort,	Bandra Kurla Complex, Bandra (E),
Mumbai - 400 001	Mumbai - 400 051
Scrip Code - 531120	Symbol - PATELENG

Sub: Intimation under Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015

Dear Sir/Madam,

Pursuant to Regulation 30 of the SEBI (Listing Regulation and Disclosure Requirement) Regulations, 2015, please be informed that the Company has executed a Share Purchase Agreement dated 30.07.2022, with inter alia India Grid Trust (the purchaser), for sale of Company's entire shareholding in Raichur Sholapur Transmission Company Private Limited ("RSTCPL"). RSTCPL is an "Associate" of the Company

The proposed sale of shares of RSTCPL to India Grid Trust is subject to applicable regulatory and other approvals and certain conditions, more specifically laid down in the Share Purchase Agreement.

Details of the proposed transaction as required under Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, read with Circular No. CIR/CFD/CMD/4/2015 dated 9th September, 2015 is contained in Annexure -A.

This is for your information and record.

Thanking you.

Yours faithfully

For Patel Engineering Limited

Shobha

Ranjit

Shetty

Digitally signed by Shobha Ranjit Shetty

Date: 2022.07.30 19:58:01 +05'30'

Shobha Shetty

Company Secretary

Membership No. F10047

REGD. OFFICE:

Patel Estate Road, Jogeshwari (W), Mumbai - 400 102. India

Phone +91 22 26767500, 26782916 Fax +91 22 26782455, 26781505

Email [email protected]Website: www.pateleng.com

			CIN: L99999MH1949PLC007039
		Annexure A

Sl.	Particulars	Details
No.
a)	The amount and percentage of the	RSTCPL is an associate of the Company and the
	turnover or revenue or income and net	Company holds 33.34% equity stake in RSTCPL.
	worth contributed by such unit or division
	of the listed entity during the last financial
	year
b)	Date on which the agreement for sale	30-07-2022
	has been entered into

c)	The expected date of completion of	The proposed sale of RSTCPL shares is subject
	sale/disposal	to applicable regulatory and other approvals
			and certain conditions, more specifically laid
			down in the Share Purchase Agreement.
			Therefore, expected date of completion of
			sale/disinvestment cannot be ascertained at
			this stage.
d)	Consideration received from such	The Equity Value of the proposed transaction is
	sale/disposal	subject to customary adjustments at closing
			date as stated in Share Purchase Agreement
			and hence net consideration receivable is not
			ascertainable at this stage.
e)	Brief details of buyers and whether any of	India Grid Trust is a SEBI registered Infrastructure
	the buyers belong to the promoter/	Investment Trust. Neither India Grid Trust, nor its
	promoter group/group companies. If yes,	sponsor nor investment manager nor project
	details thereof	manager belong to the Promoter/ promoter
			group/group companies.
f)	Whether the transaction would fall within	This is not a related party transaction
	related party transactions? If yes,
	whether the same is done at "arm's
	length"
g)	Additionally, in case of a slump sale,	Not applicable
	indicative disclosures provided for
	amalgamation/merger, shall be
	disclosed by the listed entity with respect
	to such slump sale
	Shobha	Digitally signed by

	Ranjit	Shobha Ranjit
	Shetty
	Shetty	Date: 2022.07.30
	20:00:04 +05'30'

REGD. OFFICE:

Patel Estate Road, Jogeshwari (W), Mumbai - 400 102. India

Phone +91 22 26767500, 26782916 Fax +91 22 26782455, 26781505

Email [email protected]Website: www.pateleng.com