Tata Power Company rose 2.9% to Rs 104.80 at 14:20 IST on BSE after the company said it has sought approval from the shareholders for raising up to Rs 7000 crore through issue of non-convertible debentures on private placement basis.
The announcement was made after market hours on Friday, 11 July 2014.
Meanwhile, the S&P BSE Sensex was down 51.24 points or 0.2% at 24,973.11.
On BSE, so far 4.61 lakh shares were traded in the counter as against average daily volume of 10.86 lakh shares in the past one quarter.
The stock hit a high of Rs 104.95 and a low of Rs 102.20 so far during the day. The stock hit a 52-week high of Rs 115.25 on 9 June 2014. The stock hit a 52-week low of Rs 65.86 on 6 August 2013.
The stock had underperformed the market over the past one month till 11 July 2014, sliding 4.72% compared with Sensex's 1.76% fall. The scrip had, however, outperformed the market in past one quarter, jumping 18.09% as against Sensex's 10.59% rise.
Also Read
The large-cap company has equity capital of Rs 270.53 crore. Face value per share is Re 1.
According to the notice sent out to shareholders for company's annual general meeting (AGM) to be held on 13 August 2014, approval has been sought for raising up to Rs 7000 crore through issue of non-convertible debentures (NCDs) on private placement basis. The approval would be valid for a period of one year and the amount would be within the overall borrowing limits, the notice said.
According to the notice, NCDs, issued on private placement basis, are a significant source of borrowings for the company. The borrowings of the company presently aggregate approximately Rs 11000 crore, it added.
On consolidated basis, Tata Power Company reported a net loss of Rs 145.33 crore in Q4 March 2014 over Q4 March 2013. Net sales rose 0.4% to Rs 8473.21 crore in Q4 March 2014 over Q4 March 2013.
Tata Power Company is India's largest integrated power company with a significant international presence.
Powered by Capital Market - Live News