Mumbai, July 2 : Tata Power on Thursday said it would raise Rs 2600 crore from Tata Sons by allotting shares on preferential basis to the parent firm.
The company said it would allot 49,05,66,037 shares to Tata Sons at Rs 53 per share, indicating a premium of 15 per cent from the last close.
As soon as the announcement was made, Shares of the company rose 5.43 per cent to Rs 48.50 on BSE and hit a high of Rs 49.35 during the day.
Tata Power further said that its Board had also given nod in principle to set up an Infrastructure Investment Trust for the company’s renewable
business on terms and conditions to be discussed with potential investors in this Trust.
The company further said that it would hold its 101st Annual General Meeting on July 30, either through video conference or any other audio visual.
Tata Power posted a big jump in its consolidated net profit to Rs 475 crore in Jan-March 2020 quarter compared to the corresponding period last year.
The company said that its consolidated revenue stood at Rs 6881 crore in the fourth quarter of 2019-20 compared to Rs 7,597 crore in the corresponding quarter mainly due to delay in project execution in solar EPC (engineering, procurement and construction), business on account of Covid-19, lower power demand and lower coal price.
