Tata Power gets shareholders' nod to raise Rs 2,600 crore from Tata Sons
31st Jul 2020

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.