KEC to Sell Telecom Assets in 3 States to ATC Telecom Tower; Shares Surge
New Delhi: Infrastructure company KEC International on Thursday said it has entered into a pact with ATC Telecom Tower for sale of telecom assets in Chhattisgarh, Meghalaya and Mizoram comprising 381 telecom sites. Shares in KEC International rose as much as 12 per cent.
"The company has entered into a binding agreement for sale of its telecom assets in the states of Chhattisgarh, Meghalya and Mizoram consisting of 381 telecom sites to ATC Telecom Tower," it said in a filing to the BSE.
KEC International, an engineering, procurement and construction (EPC) company, also said the transaction is subject to necessary approvals.
"The transaction is subject to obtaining necessary regulatory and third party approvals and complying with the conditions mentioned in the agreement," it said.
The infrastructure firm has presence across power transmission, power systems, cables, railways, telecom and water space.
As of 2:27 p.m., shares in KEC International were trading at Rs 108.50 apiece on the BSE, up 7.64 per cent from the previous close.
