BackTata Power clarifies on reports of PE investment in Tata Green
Shares of Tata Power were trading 1.7% lower at ₹237.8 apiece on the BSE in Wednesday's early deals
PremiumTata Power on Wednesday issued a clarification statement with respect to reports private equity (PE) investment in its subsidiary Tata Green. The company said that no agreement has been signed with any prospective investors. Shares of Tata Power were trading 1.7% lower at ₹237 apiece on the BSE in Wednesday's early deals.
“We would like to clarify that, as previously announced as a part of our media, investor and analyst interactions, the company, as a part of its ordinary course of business, does meet relevant corporates to explore various business and strategic opportunities from time to time," the Tata group company said in a communication to exchanges today.
Further, the company said that it would like to clarify that, as of now, no agreement has been signed with any prospective investors nor any board approval has been sought as of date, requiring the company to make any notification to the stock exchanges in this regard, Tata Power added.
A report by The Economic Times had suggested that BlackRock chairman and CEO Larry Fink is closing in on an investment of $500-750 million ( ₹3,750-5,625 crore) in Tata Power Renewable Energy, which would value the subsidiary of listed Tata Power at around $5 billion (around ₹35,000 crore).
Tata Power is a leading power generation company in India aimed at providing power supply from its various plants located across India. Tata Power shares have given multibagger return this year so far with the stock up more than 205% in 2021 (year-to-date or YTD), whereas the power stock has rallied over 115% in six months alone.
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