Tata Power Withdraws Amalgamation of Tata Power Solar Systems, Approves Composite Scheme; Stock Trades Flat
The company had earlier announced the Composite Scheme of Arrangement amongst Coastal Gujarat Power Limited and Tata Power Solar Systems Limited and the company and their respective shareholders.
Tata Power Company Limited Board after deliberations, and subject to the requisite statutory and regulatory approvals (including approval of the NCLT and Securities and Exchange Board of India), has decided to withdraw the amalgamation of Tata Power Solar Systems Limited with the company and accordingly, approved the amendment to the Composite Scheme.
The company had earlier announced the Composite Scheme of Arrangement amongst Coastal Gujarat Power Limited and Tata Power Solar Systems Limited and the company and their respective shareholders.
“The amendment, as approved, deals with removal of the provisions pertaining to amalgamation of Tata Power Solar Systems with the company and consequential changes or effect thereupon.
Upon coming into effect of the amended Composite Scheme, Coastal Gujarat Power will be amalgamated with the company and subsequently, capital of the Company will be reorganized accordingly,” company said in a filing on Thursday.
It further said the Composite Scheme is currently pending for approval with the Mumbai bench of the National Company Law Tribunal (NCLT).
At around 12.54 PM, Tata Power Company Ltd was trading at Rs121.40 per piece up by Rs0.05 or 0.04% from its previous closing of Rs121.35 per piece on the BSE.
Source: indiainfoline
