Tata Power to finalise on Rs 2,000-crore rights issue on Sat

Shares of the company ended at Rs 77.45, down 3.25% on the BSE

The board committee of Tata Power is meeting on Saturday to finalise on the proposed rights issue to raise Rs 2,000 crore.

"Tata Power has said that the duly empowered committee of the Board will meet on March 8, this week to consider and decide upon the terms and conditions of the proposed rights issue," the company said in a stock exchange filing.

It will also decide on entitlement ratio, issue price, issue size, record date, timing of the rights issue and other related matters.

The money will be utilised for funding expansion plans.

Tata Power has an operational capacity of more than 8,560 MW while projects having capacity of over 840 MW are under execution.

The company reported a consolidated net loss of Rs 74.91 crore in the three months ended December 2013. During the same period, the company's total income from operations was Rs 8,700.02 crore.

Shares of Tata Power ended at Rs 77.45, down 3.25 per cent on the BSE.