Tata Power gets NCLT approval for Composite Scheme of Arrangement with CGPL

The Tata Power Company Limited (Tata Power), one of India's largest integrated power companies, has received approval from the Mumbai bench of Hon'ble National Company Law Tribunal (NCLT) vide its order dated March 31, 2022 for the Composite Scheme of Arrangement between Coastal Gujarat Power Limited (CGPL) and Tata Power and their respective shareholders.

The Scheme provides for the amalgamation of CGPL with Tata Power and will result in numerous benefits such as streamlining the corporate structure and consolidation of assets and liabilities of CGPL within Tata Power, a more efficient utilization of capital for the enhanced development and growth of the consolidated business in one entity. Further benefits include availing easier financial support, bringing operational efficiencies, and enabling cost savings through legal entity rationalization and consolidation.

CGPL is one of India's most energy efficient thermal plants and uses supercritical technology to generate power.

Shares of Tata Power Company Limited was last trading in BSE at Rs. 245.40 as compared to the previous close of Rs. 238.85. The total number of shares traded during the day was 3142666 in over 34230 trades.

The stock hit an intraday high of Rs. 246.25 and intraday low of 237.20. The net turnover during the day was Rs. 765783703.00.

Source : Equity Bulls

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TataPowerCompany INE245A01021 NCLT Approval SchemeofArrangement CoastalGujaratPower