ONGC Green Fully Acquires PTC Energy For Rs 925 Crore
ONGC has also been allotted 120 crore equity shares of Rs 10 each by ONGC Green by way of subscription on a right basis.
ONGC Green Ltd., a wholly owned subsidiary of Oil & Natural Gas Corp., has acquired 65.4 crore equity shares or a 100% stake in PTC Energy Ltd. for Rs 925 crore, according to an exchange filing on Tuesday.
Through the acquisition, ONGC will scale up its investments in the renewable energy sector to achieve its objectives of de-risking its portfolio against long-term disruptions and reducing its carbon footprint by making strategic investments in the energy transition space, it said.
PEL, established in August 2008, is a wholly owned subsidiary of PTC India Ltd. It has an aggregate operational wind generation capacity of 288.8 MW located at seven locations in Andhra Pradesh, Madhya Pradesh and Karnataka.
It operates 157 wind turbine generators across all its wind farms. PEL's turnover was Rs 322.5 crore in financial year 2023–24, the filing said.
ONGC also informed that it had been allotted 120 crore equity shares of Rs 10 each by ONGC Green Ltd. by way of subscription on a right basis.
Shares of ONGC closed 0.72% higher at Rs 226.76 apiece on the NSE, compared to a 0.17% decline at the benchmark NSE Nifty 50. The share price has fallen 18.76% in the last 12 months.
Twenty out of the 29 analysts tracking ONGC have a 'buy' rating on the stock, four recommend 'hold' and five suggest 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 35.2%.
