Tata Power Company was down 0.78% to Rs 1079.50 at 11:00 IST on BSE, having recovered from the sessions’ low of Rs 1055, after the company said on Thursday, 4 September 2008, it has acquired 11.4% stake in Australia’s Geodynamics for Rs 165 crore.
The company made this announcement during trading hours on Thursday, 4 September 2008, when the stock gained 1.70% to Rs 1088.
The stock hit a high of Rs 1081.90 and a low of Rs 1055 so far during the day. The stock has a 52-week high of Rs 1641 on 4 January 2008 and a 52-week low of Rs 709 on 5 September 2007.
The company’s current equity is Rs 221.38. Face value per share is Rs 10.
The current price of Rs 1079.50 discounts Q1 June 2008 annualized EPS of Rs 7.25, by a PE multiple of 6.90.
Geodynamics is specialised in geothermal energy and enhanced geothermal systems (EGS) with a market capitalization of A$350 million. The transaction, which will see Tata Power buy 29.4 million equity shares for A$1.50 a share, will bolster the Mumbai-based power company’s presence in renewable energy space.
In a statement to the Australian stock exchange on Thursday, 4 September 2008, Geodynamics said the purchase includes an unquoted placement option exercisable at A$2.25 per share for every two shares issued — 14.7 million options — expiring on 28 February 2009.
Tata Power Company’s net profit rose 0.2% to Rs 190.55 crore on 34% increase in net sales to Rs 2026.13 crore in Q1 June 2008 over Q1 June 2007.
Tata Power is engaged in generation, transmission and distribution of electricity.
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