Shares of Tata Power on Tuesday rose 7 per cent after the company said it has completed the acquisition of 51 per cent stake in TP Central Odisha Distribution Ltd for Rs 178.5 crore. The stock advanced 6.82 per cent to Rs 42.25 on the BSE.
On the NSE, it gained 6.97 per cent to Rs 42.20.
TP Central Odisha Distribution Ltd (TPCODL) carries out the business of Central Electricity Supply Utility of Odisha (CESU). The acquisition paves the way for taking over the power supply business of five cities in Odisha by Tata Power.
“Tata Power has acquired 51 per cent equity stake in TPCODL at a consideration of Rs 178.5 crore,” a Tata Power statement said.
