Tata Power scraps fund-raising pact with PE firm

Tata Power scraps fund-raising pact with PE firm

New Delhi: Indian utility Tata Power Co said on Monday it had terminated an agreement to raise $300 million by issuing shares with differential rights in two of its special purpose vehicles to private-equity firm Olympus Capital Holdings Asia.

Tata Power said in a statement to the stock exchange that certain conditions stated in the investment agreement were not fulfilled, without elaborating.

The company had said in June last year it was raising the money to fund acquisitions and cut debt.

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