Tata Power to allot 7 shares for every 50 under rights issue

Country's largest private power producer Tata Power will allot seven equity shares for every 50 shares held by an investor in the company under its Rs 2,000 crore rights issue.

The money will be utilised for funding expansion plans.

The rights issue size is 33.22 crore equity shares with an issue price of Rs 60 per share amounting to Rs 1,993.38 crore.

"An eligible equity shareholder will be entitled to apply for 7 equity shares for every 50 equity shares held by eligible equity shareholder on the Record Date (March 20)," Tata Power said in a stock exchange filing.

The board committee of Tata Power in its meeting on March 8 finalised this proposal.

Tata Power has an operational capacity of more than 8,560 MW while projects having capacity of over 840 MW are under execution.

The company reported a consolidated net loss of Rs 74.91 crore in the three months ended December 2013.

During the same period, the company's total income from operations was Rs 8,700 crore.

Shares of Tata Power were trading at Rs 78.45, down 0.88 per cent on the BSE.

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