Reliance Infrastructure sells stake in IEX for Rs 103 cr
Mumbai, Dec 23 (IANS) Reliance Infrastructure (R-Infra) has sold its stake in power trading exchange IEX to a non-resident investor for a consideration of Rs 103 crore, sources privy to the development said on Friday.
The valuing of IEX at Rs 2,500 crore was the highest value thus far, the sources said.
R-Infra, which had invested Rs 1.25 crore for the stake in October 2007, is amongst the primary investors in IEX and owns 4.122 per cent stake in it, the sources added.
IEX is a leading power trading exchange in India enjoying 30 per cent of the short term power market, which constitutes approximately nine per cent of total power market.
“Last 3 deals for exchange of 14.12 per cent stake happened in February-March 2016 at an equity value of Rs 2,375 crore – JSPL selling 4.12 per cent stake to Motilal, and Bessemer selling 5 per cent stake each to TVS Capital and Dalmia group,” a source said.