Tata Power Company lost 1.75% at Rs 81.20 at 15:25 IST on BSE on equity dilution worries after the company said its board of directors will meet on 27 February 2014 to consider various fund raising options.
The announcement was made after market hours on Monday, 24 February 2014.
Meanwhile, the S&P BSE Sensex was up 43.97 points or 0.21% at 20,855.41.
On BSE, so far 4.69 lakh shares were traded in the counter as against average daily volume of 4.99 lakh shares in the past one quarter.
The stock hit a high of Rs 83.45 and a low of Rs 80.35 so far during the day. The stock had hit a 52-week low of Rs 68.25 on 6 August 2013. The stock had hit a 52-week high of Rs 102.45 on 15 March 2013.
The stock had outperformed the market over the past one month till 21 February 2014, surging 9.11% compared with the Sensex's 2.59% fall. The scrip had also outperformed the market in past one quarter, jumping 7.34% as against Sensex's 2.33% rise.
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The large-cap company has equity capital of Rs 237.31 crore. Face value per share is Re 1.
Tata Power Company said that a meeting of its board of directors has been convened on Thursday, 27 February 2014, to consider various fund raising options including but not limited to equity issuances by way of a rights issue, preferential issue, qualified institutions placement or any combination thereof.
Separately, Tata Power Company during market hours today, 25 February 2014, said that its wholly owned subsidiary viz. Tata Power Renewable Energy (TPREL) has completed acquisition of 100% shareholding in AES Saurashtra Windfarms (ASW), the erstwhile 100% subsidiary of AES Corporation. ASW owns and operates a 39.2 megawatt (MW) wind farm near Dwarka in Jamnagar district of Gujarat. The project which is fully operational since January 2012 has executed a power purchase agreement with GUVNL for sale of the electricity at a tariff of Rs 3.56/kWh for the duration of the project. The project is registered with UNFCCC as a CDM project and is eligible to receive CERs. The project is also registered under the Generation Based Incentive scheme of MNRE.
TPREL was selected as the preferred bidder in a process conducted by AES Corporation for sale of its 100% stake in ASW in September 2013 and signed a share purchase agreement for the acquisition on 7 October 2013. The acquisition was subject to certain conditions, which have now been completed, Tata Power Company said in a statement.
With this acquisition, Tata Power's total generation capacity will increase to 8,560 MW and its wind operational generation capacity to 437 MW with wind turbines located across five states -- Maharashtra, Rajasthan, Gujarat, Tamil Nadu and Karnataka -- which are the leading states in promoting wind power generation in India, Tata Power said.
Speaking on achieving this milestone, Mr. Anil Sardana, Managing Director, Tata Power said, "Tata Power endeavors to generate 20-25% of its total generation capacity from clean energy sources and is proud to have completed this acquisition of the 39.2 MW operational wind farm. The project is a clean energy project, which will enhance and increase the company's clean energy footprint. This is our second acquisition of an operating wind asset and we are in constant look out for similar opportunities in respect of wind and solar plants- This is yet another step towards the company's commitment to sustainability".
On a consolidated basis, Tata Power reported a net loss of Rs 74.91 crore in Q3 December 2013, lower than net loss of Rs 328.92 crore in Q3 December 2012. Net sales declined 3.7% to Rs 8656.11 crore in Q3 December 2013 over Q3 December 2012.
Tata Power is India's largest integrated power company with a significant international presence.
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