Tata Power to raise Rs 2,600 crore from Tata Sons via preferential issue

Tata Power board approves setting up of renewables InvIT

Private power producer Tata Power on Thursday said the company’s board had approved an increase in its promoter Tata Sons’ stake to 45.2 per cent for Rs 2,600 crore.

Tata Power’s board also approved setting up an infrastructure investment trust (InvIT) for its renewable business on Thursday. The move, the company said, is part of a strategic turnaround plan.

The company in its statement said Tata Power would raise Rs 2,600 crore through a preferential issue to Tata Sons at a price of Rs 53 per equity share.  The issue price for the equity shares has been fixed, representing 15