Tata Power board to discuss fund raising options this week

Tags: News
Tata Power's board will deliberate on various fund raising options, including by way of preferential issue of shares to institutional investors, on February 27.

The country's largest private power is looking to expand its operations, including in foreign countries.

"... A meeting of the board of directors of the company has been convened on February 27, 2014 to consider various fund raising options," the company said in a regulatory filing today.

The options would include equity issuances by way of a rights issue, preferential issue, qualified institutions placement or any combination thereof, the filing noted.

The board meeting also comes at a time when the Central Electricity Regulatory Commission (CERC) has allowed the company compensation as well as higher tariff for electricity generated from its 4,000 MW Mundra power project in Gujarat. The plant has been seeing significant losses due to rise in cost of imported Indonesian coal, which is used to fire it.

Following the CERC order, released on Saturday, shares of the company surged five per cent to close at Rs 82.65 on the BSE.

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 touched Rs 8,700.02 crore.

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