Tata Power shares gain on plans to raise funds

Tags: News
Tata Power's stock rose by as much as 3.5 per cent today as the company has sought shareholders' nod to raise up to Rs 7,000 crore through issue of non-convertible debentures.

Shares of the company ended 2.80 per cent higher at Rs 104.70 on the BSE. During the day, it rose by 3.58 per cent to Rs 105.50.

At the NSE, the stock climbed 3.48 per cent to settle at Rs 105.50.

On the volume front, 5.91 lakh shares were traded at the BSE, while more than 40 lakh shares changed hands at the NSE during the day.

The leading private power utility has also proposed increasing its borrowing limit to Rs 27,000 crore.

Approval has been sought for raising up to Rs 7,000 crore through issue of non-convertible debentures (NCDs) on private placement basis, according to notice sent out to shareholders for company's annual general meeting to be held on August 13.

The approval would be valid for a period of one year and the amount would be within the overall borrowing limits.

As per the notice, NCDs, issued on private placement basis, are a significant source of borrowings for the company. "The borrowings of the company presently aggregate approximately Rs 11,000 crore," it added.

Tata Power has also sought permission to increase its borrowing limit to Rs 27,000 crore in order to meet financial requirements for projects as well as other corporate needs.

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