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GAIL (India) slips after emerging as top bidder for IL&FS wind energy assets
23-Apr-19   14:43 Hrs IST
Meanwhile, the S&P BSE Sensex was up 10.36 points, or 0.03% to 38,655.54.

On the BSE, 1.21 lakh shares were traded in the counter so far compared with average daily volumes of 68,000 shares in the past two weeks. The stock had hit a high of Rs 340 and a low of Rs 332.05 so far during the day. The stock hit a 52-week high of Rs 398.80 on 16 August 2018. The stock hit a 52-week low of Rs 296 on 5 October 2018.

The sale process for wind energy assets of IL&FS Group was launched through a public invitation for expressions of interest, dated 29 November 2018. At the end of the binding bidding process, reached after comprehensive due-diligence including site visits across 12 sites spread across 7 states, GAIL (India) has emerged as the highest bidder for 7 operating wind power plants (SPVs) having a total generation capacity of 874 MW.

GAIL's offer of approximately Rs 4,800 crore for 100% of enterprise value contemplates no hair-cut to the debt of the SPVs, aggregating to approximately Rs 3,700 crore, IL&FS said in a statement yesterday, 22 April 2019.

The proposal was unanimously approved by the committee of creditors of IL&FS Wind Energy (IWEL), majority owner of the SPVs. Engagement with ORIX Japan, the other shareholder in the SPVs, with regards to the proposal is currently in progress. Closure is expected in three weeks, it added.

Moreover, conclusion of the sale process will also be subject to approval of Justice (Retd.) D.K. Jain and NCLT in accordance with the Resolution Framework for IL&FS.

Net profit of GAIL (India) rose 33.20% to Rs 1681.23 crore on 37.29% rise in net sales to Rs 19788.98 crore in Q3 December 2018 over Q3 December 2017.

GAIL (India) is India's largest natural gas company and ranked among the top gas utilities in Asia.

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