Premier Energies acquires 51 per cent stake in Transcon for Rs 5 billion

Premier Energies Limited (PEL) has signed a share purchase agreement (SPA) to acquire a 51 per cent stake in Transcon Ind Limited for Rs 5 billion. Transcon Limited is in the business of manufacturing transformers, with a specialisation in power and distribution transformers. PIL will subscribe to 104,082 equity shares at Rs 48,069 per share of Transcon. The move aims to enable the company to diversify into the power transmission sector.