The power generation and distribution company said it will allot 49,05,66,037 shares to Tata Sons at Rs 53 per share, meaning a premium of 15 per cent from the last close.
NEW DELHI: Tata PowerNSE 8.03 % on Thursday said it will raise Rs 2,600 crore from Tata Sons by allotting shares on a preferential basis to the parent firm.
The power generation and distribution company said it will allot 49,05,66,037 shares to Tata Sons at Rs 53 per share, meaning a premium of 15 per cent from the last close.
Following the announcement, shares of the company rose 5.43 per cent to Rs 48.50 on BSE. It hit a high of Rs 49.35 during the day.
The company also said its board gave in-principle approval for setting up of an Infrastructure Investment Trust (InvIT) for the company’s renewables business on terms and conditions to be discussed with potential investors in the InvIT.
Tata Power further notified that it will hold The 101st Annual General Meeting (AGM) on Thursday, July 30, 2020 through video conferencing or other audio visual.
Tata Power posted a two-folds jump in its consolidated net profit to Rs 475 crore in the January-March quarter compared to the year-ago period.
Consolidated revenue stood at Rs 6,881 crore in the fourth quarter of 2019-20 compared to Rs 7,597 crore in the corresponding quarter last year mainly due to delay in project execution in solar EPC (engineering procurement and construction) business on account of COVID19, lower power demand and lower coal price, the company aid.
Source: economictimes.indiatimes
