Tata Power Ltd updates on setting up of InvIT for its renewable business

As part of its growth strategy, Tata Power Co. Limited has taken several steps to deleverage the balance sheet and improve the capital structure including creation of an Infrastructure Investment Trust (InvIT) for its Renewable business.

The company has already made an application to SEBI for an in-principle approval for creation of the InvIT. Anchor investor(s) in the InvIT have started their due diligence of the assets proposed to be transferred to InvIT and the company expects to sign the binding documents in next few months. The necessary board and shareholder approvals will be sought on finalization of the binding agreements.

The creation of InvIT will provide a suitable structure for the company to expand its renewable business as laid out in its FY25 strategy. The company is progressing on setting up of the InvIT as per the initial laid timelines and is confident of completing this transaction in this financial year.

Shares of TATA POWER CO.LTD. was last trading in BSE at Rs.53.1 as compared to the previous close of Rs. 52.9. The total number of shares traded during the day was 1172716 in over 1970 trades.

The stock hit an intraday high of Rs. 54.75 and intraday low of 52.7. The net turnover during the day was Rs. 63264946.

Source : Equity Bulls

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