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Tata Power Company will be going for a rights issue of shares to raise nearly Rs 2,000 crore shortly.
In a filing with stock exchanges, the company has informed that its rights offer is proposed to open on or prior to March 31, 2014 and shall remain open for a minimum period of 15 days thereafter.
The rights offer size is 33.22 crore shares (face value of Rs 1 each) at Rs 60 per share. The entitlement ratio will be 7:50 (7 rights equity shares for every 50 equity shares held by eligible shareholders on the record date).
The share was trading at Rs 78.90 at 10 am. The equity base is currently at Rs 237 crore. The company had reported a profit of Rs 251 crore on an income of Rs 2,008 crore in the third quarter ended December 2013.
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