Tata Power to raise Rs 2,600 crore via share issue

Mumbai: Tata PowerNSE 1.51 % 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.