Tata Power says it has made ‘no such decision’ on an IPO for its renewable energy business

Tata Power says it has made ‘no such decision’ on an IPO for its renewable energy business
BCCL
  • Several media reports had claimed that the listed Tata Power is looking to separately list its renewable energy business.
  • As per reports, Tata Power is looking to raise $473 million through the said IPO.
  • However, in a regulatory filing on Monday morning, the company denied the same.
Tata Power, a listed subsidiary of the Tata Group, has denied news reports of an initial public offering (IPO) of its renewable energy business.

Over the weekend, several media reports had claimed that the listed Tata Power is looking to separately list its renewable energy business. As per the reports, Tata Power is looking to raise $473 million through the said IPO.

However, in a regulatory filing on Monday morning, the company denied the same. “It may be noted that such reports are speculative in nature and the Company has taken no such decision. In the course of the business, the Company evaluates various business options. As and when a decision is taken, the same shall be communicated to the Stock Exchanges as per regulations,” said the company’s statement.

Advertisement
The shares of the company fell marginally on Monday morning after its clarification. The shares were trading at ₹98.25 at 10.30 a.m.

Earlier, Tata Power was set to raise $2 billion from Malaysian oil giant Petronas, however the plan didn’t go through.

Tata Power is one of the leading energy companies in the country and has a total capacity of 12.8 Gigawatts – the third largest in the country.

Advertisement

The reports for an IPO of its renewable energy business comes at a time when another leading renewables business ReNew Power has announced its market debut plans. The Sumant Sinha-led company is headed for a US stock market debut through a special purpose acquisition company (SPAC), and aims for a $8 billion valuation.

SEE ALSO:
Reliance Industries’ earnings disappoint markets – stocks fall by over 2% in morning trade


Advertisement
{{}}