Torrent Power shares in focus after buying Newzone firms for Rs 211 crore

Shares of Ahmedabad-based Torrent Power Ltd will be in focus on Wednesday, September 24, after the company said that it has acquired Newzone India Pvt Ltd (NZIPL) and Newzone Power Projects Pvt Ltd (NZPPPL) for a total of Rs 211 crore.

The deal includes 11,95,110 shares of NZIPL, representing 49% equity, and 30 lakh shares of NZPPPL, representing full ownership, from the Sarawagi family and related HUFs. Since NZPPPL already owned 51% of NZIPL, Torrent Power now becomes the effective owner of both companies.