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Mar 10, 2014, 09.29 AM IST | Source: Moneycontrol.com

Tata Power: Updates on rights issue

Tata Power Company has informed that the Committee for Rights Issue, at its meeting held on March 08, 2014 has decided on the terms for the Rights Issue, which is proposed to open on or prior to March 31, 2014.

Tata Power Company Ltd has informed BSE that the Committee for Rights Issue, at its meeting held on March 08, 2014 has decided on the following terms for the Rights Issue, which is proposed to open on or prior to March 31, 2014:1. Rights Issue Size: 33,22,30,130 Equity Shares with a face value of Rs. 1/- each (“Rights Equity Shares”);2. Rights Entitlement Ratio: 7:50, i.e. an Eligible Equity Shareholder will be entitled to apply for 7 Rights Equity Shares for every 50 Equity Shares held by such Eligible Equity Shareholder as on the Record Date.3. Rights Issue Price: Rs. 60/- per Rights Equity Share.4. Terms of payment: The entire Rights Issue Price, i.e. Rs. 60/-, shall be payable on application, of which Rs. 1 shall be applied towards the face value of each Rights Equity Share and Rs. 59/- shall be applied towards the share premium.5. Timing of the Rights Issue: The issue opening date for the Rights Issue shall be no later than March 31, 2014. The Rights Issue shall remain open for a minimum period of 15 days; provided that the Committee for Rights Issue in consultation with the Lead Managers may extend the period of the Rights Issue for such further period as may be deemed fit, subject however that in no event would the issue remain open for a period exceeding 30 days.Source : BSE

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