TEC notice fails to meet SE norms

MUMBAI, JUNE 11: The Tatas in their hurry to merge their three power companies — Tata Power Company Ltd, Andhra Valley Power Supply Company Ltd and Tata Hydro-electric Power Supply Company Ltd — seem to have ignored the listing agreement. While stock exchange listing norms require seven days notice for issue of capital, the notice by Tata Electric Companies is one day short of the listing requirement.

Tata Power, Andhra Valley and Tata Hydro operate together as bulk power supply licensees in Mumbai and share income/expenses in 5:3:2 ratio. TEC is the largest licensee in India accounting for 50 per cent of the total installed capacity for licensees.

Share prices of the three Tata power companies had shot up after June 8 announcement about the merger and fresh capital issue.