Tata Power trades in green on buying Bikaner project special purpose vehicle

The acquisition involves purchase of equity against cash consideration and one-time settlement of outstanding debt.

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Shares of Tata Power Company traded higher early on December 28 after the company signed a share purchase agreement and acquired 100 percent equity stake in Bikaner III Neemrana II Transmission, a special purpose vehicle (SPV) meant for the project.

At 9:22am, The Tata Power Company was quoting Rs 326.05, up Rs 1.10, or 0.34 percent, on the BSE.

The acquisition process completed on December 27, 2023 for a price of Rs 18.6 crore.

The special purpose vehicle formed in June 2023 will build, own, operate and transfer electrical power transmission system between Bikaner and Neemrana in Rajasthan. It involves purchase of equity against a cash consideration and a one-time settlement of outstanding debt.

The company has received an approval from the power ministry for share transfer in the SPV.

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Earlier in this week, Tata Power Solar Systems Limited (TPSSL), a wholly owned subsidiary of Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power, signed a contract to supply 152 MWp DCR Solar PV Modules for NTPC Nokh Solar PV Project in Rajasthan.

Broking house Sharekhan in a December 13 report maintained the ‘buy’ rating on the stock with a revised price target of Rs 390.