The board of Tata Power Co. Ltd. has approved a proposal to raise Rs 2,600 crore via issuance of preferential shares to promoter Tata Sons Pvt. Ltd.
The board has also given in-principle approval to set up an Infrastructure Investment Trust, or InvIT, for the company's renewable energy business on terms and conditions to be discussed with potential investors.
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About 49.06 crore shares will be allotted to the parent of the salt-to-software group at Rs 53 per share—indicating 15% premium to Wednesday's closing price, Tata Power said in an exchange filing Thursday. Tata Sons' shareholding in Tata Power will increase to 45.21% from 35.27% after the issue.
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The annual general meeting of the shareholders will be held on July 30, 2020, wherein the company will seek shareholders' approval for the preferential issue.
Tata Power is 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.
On Thursday, Tata Power shares rose 7.93% to Rs 49.65 apiece on the BSE while the benchmark Sensex rose 1.21% to end the day at 35,843.70 points.
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