Tata Power-led subsidiary allots equity shares worth Rs2000 crore on preferential basis

18 Aug 2022 , 03:25 PM

The Tata Power Company Limited stocks in focus today as it announced the exchanges regarding preferential allotment by Tata Power Renewable Energy Limited, a wholly owned subsidiary of the company.

In a regulatory filing, the company informed that the Board of Directors of Tata Power Renewable Energy Limited has approved the allotment of 8,36,05,049 Equity shares of Tata Power Renewable Energy of the face value of Rs10 each at a price of Rs239.22 per Equity share (including premium of Rs229.22) aggregating to Rs1999,99,99,822 on a preferential basis to GreenForest New Energies Bidco Limited, a Company incorporated under the laws of England and Wales.

This completes Tranche 1 of the transaction. Tranche 2 infusion of Rs2,000 crore will be concluded in accordance with the terms of the agreements, the company said.

On Thursday, at around 3:25 PM, Tata Power Company Ltd was trading at Rs238.60 per share up by Rs1.4 or 0.59% from its previous closing of Rs237.20 per share on the BSE.