Tata Power gains nearly 7% as it completes 51% stake buy in Odisha's TPCODL

TPCODL was incorporated on April 6, 2020 as a wholly-owned subsidiary of GRIDCO Limited (GRIDCO) to carry out the business of Central Electricity Supply Utility of Odisha (CESU).

Shares of Tata Power climbed as much as 6.82 per cent to Rs 42.25 apiece on the BSE on Tuesday, a day after the company informed that it has completed the acquisition of 51 per cent stake in TP Central Odisha Distribution Ltd (TPCODL) for Rs 178.5 crore. Meanwhile,  Grid Corporation of Odisha (GRIDCO) will hold balance 49 per cent equity stake in TPCODL.

At 09:36 am, the stock was trading 4.55 per cent higher at Rs 41.35 apiece on the BSE. The stock had hit a 52-week high of Rs 74.05 on July 7, 2019. Its 52-week low level