The Tata Power Company Limited acquires additional 10% stake in ABV

Tata Power International Pte. Ltd (TPIPL), a wholly owned subsidiary of The Tata Power Company Limited, has acquired 10% equity stake Adjaristqali Netherlands B.V. (ABV) from International Finance Corporation (IFC) for a sum of USD 150,000. This acquisition has been done as per the provisions of the shareholder agreement. Post this acquisition, the Company, through TPIPL, holds 50% stake in ABV.

ABV owns 100% stake in Adjaristqali Georgia LLC (AGL) which has developed the 187 MW hydro project in Georgia at a cost of around USD 500 million. It has commissioned 178 MW of the total capacity in March 2020.

Shares of TATA POWER CO.LTD. was last trading in BSE at Rs.33.35 as compared to the previous close of Rs. 32.35. The total number of shares traded during the day was 5238429 in over 11246 trades.

The stock hit an intraday high of Rs. 34.6 and intraday low of 32.85. The net turnover during the day was Rs. 176890006.

Source : Equity Bulls

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