New Delhi, Jul 30 (PTI) Tata Power on Thursday said it has received shareholders' approval to raise Rs 2,600 crore via issuance of preferential shares to its promoter Tata Sons.

The resolution was approved at the company's annual general meeting (AGM) with requisite majority, it said in a regulatory filing. 

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"The Scrutinizer's Report was received on Thursday, 30th July 2020 and, as set out therein, all the Resolutions have been passed with the requisite majority," it said.

Earlier this month, Tata Power's board had approved a proposal to raise Rs 2,600 crore via issuance of preferential shares to Tata Sons. 

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Under the proposal, about 49.06 crore shares will be allotted to the parent of the salt-to-software group at Rs 53 per share.

Tata Sons' shareholding in Tata Power will increase to 45.21 per cent from 35.27 per cent after the issue.

Tata Power said it is working on a strategic turnaround plan to strengthen its fundamentals.

It aims to deleverage the balance sheet by mix of divestment and business restructuring, which will improve the capital structure of the company, it added. PTI KKS ABM ABM 07302328 NNNNhas its competition back in action, but it is unfair and unwise to put the health of the game's fans at risk.

"They must first monitor the health and safety of the players and officials who will be involved in the thick of the on-field action."

The AMA highlighted the slow return of sport in Europe without crowds and praised the leaders of Australian rules for their cautious approach tied to expert medical advice.

Stringent controls and early border closures have contributed to Australia having only 102 known deaths from COVID-19 and just over 7,100 reported cases.

The federal government has announced a three-phase plan to ease restrictions in the coming months, with the states and territories to determine their own timings. But social distancing and hygiene measures will be retained indefinitely. (AP)

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