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Business News/ Companies / News/  Tata Power to allot 7 shares for every 50 under rights issue
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Tata Power to allot 7 shares for every 50 under rights issue

The rights issue size is 332.2 million equity shares with an issue price of `60 per share amounting to `1,993.38 crore

The money from the rights issue will be utilized for funding Tata Power’s expansion plans. Photo: Priyanka Parashar/MintPremium
The money from the rights issue will be utilized for funding Tata Power’s expansion plans. Photo: Priyanka Parashar/Mint

Mumbai:Tata Power Co. Ltd, the country’s largest independent power producer, on Monday announced a 2,000 crore rights issue to fund its expansion.

The company’s board, which met on 8 March, approved a proposal to issue 332.2 million equity shares under the rights issue at 60 a share, amounting to 1,993.38 crore, Tata Power said in a filing with the stock exchanges.

The company will allot seven shares for every 50 shares held.

Tata Power has an operational capacity of more than 8,560 megawatt (MW) and over 840 MW under execution. The company reported a net loss of 74.91 crore in the December quarter.

Shares of Tata Power provisionally closed 0.25% lower at 78.95 apiece, while India’s benchmark S&P BSE Sensex index gained 0.07% to 21,934.83 points.

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Published: 10 Mar 2014, 02:30 PM IST
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