Tata Power board OKs share issue to Tata Sons, InvIt for renewable units
Mumbai: Tata PowerNSE 1.51 % Company plans to raise Rs 2,600 crore through preferential issue of shares and set up an infrastructure investment trust for its renewable energy assets as a part of its strategy to reduce debt and deleveraging the balance sheet of the company.
The board of the company approved the issue of over 49 crore shares to promoter, Tata Sons Private at Rs 53 a share, which is a 15% premium to the previous close. Consequently, Tata Group’s shareholding will increase from 37.22% to 46.86%. Reacting to the news, shares power rose over 8% to Rs 49.85 on the Bombay Stock Exchange on Thursday.
