Tata Power Company Ltd has informed BSE regarding the allotment to Tata Sons Ltd (TSL), on preferential basis of: (A) 98,94,000 Equity Shares of Rs 10/- each and (B) 1,03,89,000 Warrants which would entitle TSL to subscribe to Equity Shares of the Company after April 01, 2008 but not later than 18 months from the date of issue of the Warrants.

The Company has now informed BSE that “In accordance with the said Guidelines, the conversion of Warrants into Equity Shares to be allotted to TSL would not be at a price lower than Rs 1,351.63 per Equity Share, if such right is exercised by TSL. In case of any corporate action such as Rights issue, Bonus issue etc. appropriate adjustments 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”.