September 9, 2008
Tata Power to Acquire 10% Stake in Geodynamics
The Tata Power Company, an integrated power company, has decided to acquire 29.4 million ordinary shares of Geodynamics, representing 11.4% of the current issued share capital, equivalent to 10% of the increased share capital after allotment by Geodynamics.
The shares will be acquired by Tata Power at an issued price of A$1.50 per share, entailing a total investment of A$44.1 million in absolute terms.
Prasad Menon, managing director of Tata Power, said: "We are happy to have decided to purchase a stake in Geodynamics. This strategic partnership not only strengthens our renewable portfolio but also creates opportunities to get a foothold in the growing renewable energy market in Australia."