Tata Power has received approval from the Mumbai bench of the National Company Law Tribunal (NCLT) for the merger of Coastal Gujarat Power Limited (CGPL). Tata Group’s power company has given this information to the stock market.
Increased buying of shares: After this news, the share price of Tata Power rose by 2.74 percent to the level of Rs 245.40. However, on 19 October 2021, the share price of Tata Power went up to Rs 269.70, which is a 52-week high. In this context, recovery is still being seen. Talking about the market capital, it is Rs 78,413.63 crore.
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What Tata Power said: The company said in a statement that it has received NCLT approval for the merger of CGPL and Tata Power. An order in this regard has been issued by the Mumbai Bench of NCLT on March 31, 2022. CGPL, a wholly owned subsidiary of Tata Power, operates a 4000 MW power plant at Mundra, Gujarat.