Tata Power Company Ltd.
BSE: 500400 | NSE: TATAPOWER
Large Cap | Power Generation/Distribution
433.65
6.20 (1.45%) Tata Power gains on getting shareholders' nod to raise Rs 2,600 crore from Tata Sons
Date: 31-07-2020Tata Power Company is currently trading at Rs. 48.60, up by 0.55 points or 1.14% from its previous closing of Rs. 48.05 on the BSE.
The scrip opened at Rs. 48.00 and has touched a high and low of Rs. 48.65 and Rs. 47.50 respectively. So far 663783 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 68.80 on 23-Sep-2019 and a 52 week low of Rs. 27.00 on 12-May-2020.
Last one week high and low of the scrip stood at Rs. 50.45 and Rs. 47.50 respectively. The current market cap of the company is Rs. 12888.25 crore.
The promoters holding in the company stood at 37.22%, while Institutions and Non-Institutions held 44.46% and 18.51% respectively.
Tata Power Company has received shareholders' approval to raise Rs 2,600 crore via issuance of preferential shares to its promoter Tata Sons. The Scrutinizer's Report was received on July 30, 2020 and, as set out therein, all the Resolutions have been passed with the requisite majority.
Under the proposal, about 49.06 crore shares will be allotted to the parent of the salt-to-software group at Rs 53 per share. Tata Sons' shareholding in Tata Power will increase to 45.21 percent from 35.27 percent after the issue. Tata Power working on a strategic turnaround plan to strengthen its fundamentals. It aims to deleverage the balance sheet by mix of divestment and business restructuring, which will improve the capital structure of the company.
Tata Power is India’s largest integrated power company.