Tata Power launches GDR Issue to raise US$ 250 million

Tata Power Company Ltd has announced that the Company's Board of Directors had authorized the Finance Committee of Directors to finalize the form and structure of the securities to be issued, pricing, tenor, interest rate, conversion premium, redemption period, redemption price, call and / or put options and other terms and conditions relating to the issue including amendments and modifications thereto as they may deem fit and to do any acts, deeds, matters or things in connection with or incidental thereto.

After the approval of the Committee, the Company on July 21, 2009 has launched a GDR issuance of USD 250 million with an option to retain higher amount.

The stock closed the day at Rs.1128.90, down by Rs.27.15 or 2.35%. The stock hit an intraday high of Rs.1152 and low of Rs.1119.

The total traded quantity was 82361 compared to 2 week average of 70703.

Source : Equity Bulls

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