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Tata Power Company Ltd announces rights issue

Sunday, 9 Mar 2014 10:41pm EDT 

Tata Power Company Ltd:Says that the committee for rights issue, at its meeting held on March 08 has decided on the following terms for the rights issue, which is proposed to open on or prior to March 31.Rights issue size: 332,230,130 equity shares with a face value of 1 Indian rupee each (rights equity shares.Rights entitlement ratio: 7:50, i.e. an eligible equity shareholder will be entitled to apply for seven rights equity shares for every 50 equity shares held by such eligible equity shareholder as on the record date.Rights issue price: 60 Indian rupees per rights equity share.Terms of payment: Entire rights issue price, i.e. 60 Indian rupees, shall be payable on application, of which 1 Indian rupee, shall be applied towards the face value of each rights equity share and 59 Indian rupees shall be applied towards the share premium.Timing of the rights issue: Issue opening date for the rights issue shall be no later than March 31.Rights issue shall remain open for a minimum period of 15 days.