The Tata Power Company Limited signs SPA to sell stake for $285.64 mn

The Tata Power Company Limited has signed Share Purchase Agreement (SPA) on 22nd July 2021 with Tata Power International Pte. Ltd. (TPIPL}, a wholly owned subsidiary of the Company, for sale of 100% equity shares held in Trust Energy Resources Pte Ltd (TERPL), another wholly owned subsidiary of the Company for a consideration of $ 285.64 million.

The above transaction is expected to be concluded in the next two to three weeks, subject to necessary regulatory approvals, if any.

TERPL will continue to remain fully owned subsidiary of TPIPL and will qe merged into TPIPL in the due course, subject to the regulatory approvals.

Shares of TATA POWER CO.LTD. was last trading in BSE at Rs. 123.65 as compared to the previous close of Rs. 121.75. The total number of shares traded during the day was 1521326 in over 10637 trades.

The stock hit an intraday high of Rs. 124.35 and intraday low of 122.4. The net turnover during the day was Rs. 187293265.

Source : Equity Bulls

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