Tata Power Company Ltd has allotted 98,94,000 Equity Shares of Rs 10/- each and 1,03,89,000 Warrants to Tata Sons Ltd (TSL) on a preferential basis.

The warrants allotted would permit TSL to subscribe to company’s equity shares after April 01, 2008 but not after 18 months from the date of issue of the Warrants.

The conversion of Warrants into Equity Shares to be allotted to TSL would not be at a price below Rs 1,351.63 per Equity Share, if such right is exercised by TSL.

In case of any group action including rights issue, bonus issue, then required changes would be made to the number of Equity Shares arising out of Warrants and exercise price thereof.

So however that the number of Equity Shares on exercise of Warrants will continue to represent not more than 5% of the enhanced capital at a price not lower than such adjusted price.

Tata Power Company Limited is India's largest private sector power utility with an installed generation capacity of more than 2300 MW. The company has emerged as a pioneer in the Indian power sector, with a track record of performance, customer care and sustained growth.

Tata Power has a presence in all the segments of the power sector viz generation (thermal, hydro, solar, wind and liquid fuel), transmission and distribution.