Tata Energy Firm Ltd.: Tata Energy seeks shareholders’ nod to boost authorised share capital

NEW DELHI: Tata Energy on Friday sought shareholders’ approval for elevating its authorised share capital by Rs 200 crore to Rs 779 crore.

The corporate has proposed to extend its authorised share capital from Rs 579 crore (divided into 350 crore fairness shares of Re 1 every and a couple of.29 crore cumulative redeemable desire shares of Rs 100 every) to Rs 779 crore by creation of 200 crore fairness shares of face worth of Re 1 every, it stated in a regulatory submitting.

The corporate has additionally proposed to amend its Memorandum of Affiliation to provide impact to extend in its share capital.

Giving causes for looking for enhance in share capital, it stated, “The Firm is engaged on a long run strategic plan targeted on strengthening the steadiness sheet and to enhance its total return metrics.”

The plan contains divestment of sure investments and restructuring of a few of its companies to unlock worth. Implementation of those plans and consequent strengthening of the steadiness sheet is predicted to offer a robust platform for the corporate to take part in rising alternatives within the energy sector, it stated.

So as to be sure that the corporate is sufficiently capitalised, it’s proposed to extend the authorised share capital to Rs 779 crore, it added.

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