Tata Power Company in a communiqué to the stock exchanges said the board of directors of the company at its meeting held on Thursday approved raising funds up to ₹2,000 crore by way of a rights issue of equity shares of face value of ₹1 each, subject to statutory and regulatory approvals.
The terms and conditions of the rights issue, including the rights entitlement ratio, the issue price, issue size, record date, timing of the issue and other related matters would be decided subsequently by a duly constituted Committee of the Board, Tata Power said.
The company also informed the exchanges on Friday that the trading window for the company’s equity shares stands closed and shall be opened 24 hours after the specific details of the rights issue were made public.