Oil & Natural Gas Corporation (ONGC), IL&FS Energy Development Company (IEDCL) and government of Tripura, three promoters of ONGC Tripura Power Company (OTPC), have entered into definitive agreements with India Infrastructure Fund II by which the latter will be acquiring 23.5% stake in OTPC. The total consideration of the transaction is about Rs 4.26 billion. The agreement was signed today in New Delhi.

Post this transaction, the shareholding in OTPC will stand as ONGC-50%, IEDCL-26%, Govt. of Tripura 0.5% and India Infrastructure Fund II-23.5%. This consummates the equity structure as was envisaged at the time of setting up the project.

This investment by India Infrastructure Fund II (through its manager- IDFC Alternatives) brings on board a credible infrastructure partner, further strengthening the core development theme of the project.

Shares of the company declined Rs 0.35, or 0.11%, to settle at Rs 306.45. The total volume of shares traded was 229,958 at the BSE (Wednesday).