Premier Energies acquires majority stake in Transcon Ind

Premier Energies Limited has completed the second and final tranche of the strategic acquisition of equity shares in Transcon Ind Limited. The company has acquired 52,073 equity shares of Transcon Ind allotted on a preferential basis through private placement. Furthermore, Premier Energies paid a consideration of Rs 2,503,097,037 for the transaction. With the transaction, Premier Energies has now acquired 51 per cent stake in Transcon Ind. Additionally, Transcon Ind has become a subsidiary of Premier Energies, and Neotrafo Solutions India Private Limited, being a subsidiary of Transcon Ind, has consequently become a step-down subsidiary of Premier Energies.