Tata Power will seek shareholders’ approval for a proposal to raise Rs 2,600 crore via issuance of preferential shares to its promoter Tata Sons in an annual general meeting (AGM) later this month.
The company has listed a special resolution for the issuance of shares to Tata Sons on a preferential basis in the 101st AGM scheduled for July 30, which stated a regulatory filing.
Earlier this month, Tata Power board approved a proposal to raise Rs 2,600 crore via issuance of preferential shares to Tata Sons.
Under the proposal, about 49.06 crore shares will be allotted to the parent of the salt-to-software group at Rs 53 per share—indicating 15 percent premium to the closing price on July 1.
