Tata Power board approves sale of its stakes in Tata Communications and Panatone Finvest

Tata Power, India's largest integrated power company, announced that the Company's Board has approved the sale of its shares in Tata Communications and Panatone Finvest to Tata Sons and its affiliates. Panatone Finvest holds 30.1% of Tata Communications.

The move is a part of the Company's plan to monetize its non-core assets and improve the balance sheet to set the stage for next phase of growth. The estimated realisation will be about Rs. 2150 crores and is subject to shareholders approval.

Shares of TATA POWER CO.LTD. was last trading in BSE at Rs.79.75 as compared to the previous close of Rs. 80.05. The total number of shares traded during the day was 249515 in over 929 trades.

The stock hit an intraday high of Rs. 80.15 and intraday low of 78.1. The net turnover during the day was Rs. 19828460.

Source : Equity Bulls

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