The announcement was made during trading hours today, 13 December 2011.
Meanwhile, the BSE Sensex was down 41.31 points, or 0.26%, to 15,829.04.
On BSE, 6.60 lakh shares were traded in the counter as against an average daily volume of 2.93 lakh shares in the past one quarter.
The stock hit a high of Rs 91.70 and a low of Rs 87.20 so far during the day. The stock had hit a 52-week low of Rs 86.25 on Friday, 12 December 2011. The stock had hit a 52-week high of Rs 141.30 on 6 January 2011.
The stock had underperformed the market over the past one month until 12 December 2011, sliding 12.35% compared with the Sensex's 7.69% decline. The scrip had also underperformed the market in past one quarter, falling 10.22% as against 3.83% fall in the Sensex.
The large-cap power generation company has an equity capital of Rs 237.31 crore. Face value per share is Re 1.
Tata Power said it has tied up funds for its 25-megawatt (MW) solar project at Mithapur in Gujarat, which is to see an investment of about Rs 365 crore.
The solar photovoltaic (PV) power project at Mithapur will be funded through a debt equity mix of 70:30. The plant is expected to start power generation by end-December 2011.
"The project financing comprises equity of Rs 110 crore and rupee term loans of Rs 255 crore," Tata Power said in a statement.
The Mithapur project is being developed by Tata Power Renewable Energy, a subsidiary of Tata Power.
"Tata Power Renewable Energy has successfully tied up the entire debt requirement through a consortium of domestic lenders, namely State Bank of India and Export Import Bank of India with SBI Capital Markets acting as the sole financial advisor and arranger," the statement said.
According to the company, the first loan disbursement was received on 8 December 2011.
"The signing of the financing agreements is a significant milestone for the project. We look forward to participating in many such initiatives in solar power," Tata Power Managing Director Anil Sardana said.
Tata Power has inked a power purchase agreement (PPA) for the project with Gujarat Urja Vikas Nigam.
On a consolidated basis, Tata Power Company reported net loss of Rs 1218.86 crore in Q2 September 2011 compared with a net profit of Rs 672.54 crore in Q2 September 2010. Net sales rose 30.2% to Rs 6248.33 crore in Q2 September 2011 over Q2 September 2010.
Powered by Capital Market - Live News
