Tata Power to raise Rs 2,600 crore via share issue
Views : 227
Update time : 2020-07-03 16:17:02
Mumbai: Tata PowerNSE 1.10 % Company plans to raise 2,600 crore through a preferential issue of shares and set up an infrastructure investment trust for its renewable energy assets under a strategy to cut debt and deleverage balance sheet.
The board of the company on Thursday approved the issue of more than 490 million shares to the promoter, Tata Sons at Rs 53 a share, which is 15 per cent premium to the previous day’s close of the stock.
Consequently, Tata Group’s shareholding will increase from 37.22 per cent to 46.86 per cent.
Reacting to the news, company shares rose over 8 per cent to close at Rs 49.85 on the Bombay Stock Exchange on Thursday.
