Tata Power's arm to allot 8.36 cr shares to Greenforest at Rs 239 each

The board of Tata Power Renewable Energy, a wholly owned subsidiary of the company approved preferential issue of 8,36,05,049 equity shares having face value of Rs 10 each to Greenforest New Energies Bidco.

The preferential allotment is at an issue price of Rs 239.22 per equity share aggregating to Rs 2,000 crore. The issue price is at a discount of 0.5% to the current market price.

Greenforest New Energies Bidco is a company incorporated under the laws of England and Wales.

The company said that this allotment completes tranche 1 of the transaction. Tranche 2, infusion of Rs 2,000 crore will be concluded in accordance with the terms of the agreements.

Tata Power is one of India's largest integrated power companies and together with its subsidiaries and jointly controlled entities, has an installed/managed capacity of 13,749 MW. The company has a presence across the entire power value chain - generation via renewables as well as conventional power including hydro and thermal energy; transmission & distribution, coal & freight, logistics, and trading.

The company's net profit jumped 90% to Rs 884 crore on 43% increase in net sales to Rs 14,495.48 crore in Q1 FY23 over Q1 FY22.

Shares of Tata Power Company rose 0.32% to currently trade at Rs 237.95 on the BSE.

Powered by Capital Market - Live News