Tata Power prices GDR Issue at $22.577

Tata Power Company Ltd has now announced with reference to earlier announcement dated July 21, 2009, regarding the details of GDR Issue.

The Committee has approved an equity offering in the form of Global Depository Receipts (GDRs) on the terms described herein. The gross proceeds of the offering will be approximately US$335 million.

The Company will be issuing 14,838,110 GDRs, each GDR representing one equity share of the Company.

The price of each GDR will be US$22.577, which has been determined in accordance with the applicable Indian pricing guidelines for GDRs.

Goldman Sachs International and J.P. Morgan Securities Ltd are acting as Joint Lead Managers and Joint Bookrunners to the offering and SBI-CAP (UK) Ltd as the co-lead Manager.

Application has been made for the GDRs to be listed on the official list of the Luxembourg Stock Exchange and to be admitted to trading on the EuroMTF market of the Luxembourg Stock Exchange.

The stock was trading at Rs.1129, up by Rs.0.10 or 0.01%. The stock hit an intraday high of Rs.1160 and low of Rs.1121.10.

The total traded quantity was 88373 compared to 2 week average of 70703.

Source : Equity Bulls

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