Tata Power moves up on inking SPA with TPIPL to sell stake for $285.64 million

Tata Power Company is currently trading at Rs. 124.60, up by 0.95 points or 0.77% from its previous closing of Rs. 123.65 on the BSE.

The scrip opened at Rs. 125.00 and has touched a high and low of Rs. 125.45 and Rs. 123.70 respectively. So far 468592 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 1 has touched a 52 week high of Rs. 132.50 on 09-Jun-2021 and a 52 week low of Rs. 47.50 on 31-Jul-2020.

Last one week high and low of the scrip stood at Rs. 128.40 and Rs. 121.20 respectively. The current market cap of the company is Rs. 39510.37 crore.

The promoters holding in the company stood at 46.86%, while Institutions and Non-Institutions held 28.42% and 24.73% respectively.

Tata Power Company has signed Share Purchase Agreement (SPA) with Tata Power International (TPIPL), a wholly owned subsidiary of the company, for sale of 100% equity shares held in Trust Energy Resources (TERPL), another wholly owned subsidiary of the company for a consideration of $285.64 million.

The above transaction is expected to be concluded in the next two to three weeks, subject to necessary regulatory approvals, if any. TERPL will continue to remain fully owned subsidiary of TPIPL and will be merged into TPIPL in the due course, subject to the regulatory approvals.

Tata Power Company is India’s largest integrated power company.

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