Tata Power sells stake in Indonesian firm for $500 million

Tata Power, part of India's largest conglomerate the Tata Group, said the sale would go to increase its cash flow and reduce its consolidated debt, without affecting coal supply to its plants.

Tata Power Company  said it had agreed to sell its 30 percent stake in coal mining firm PT Arutmin Indonesia to Indonesia's Bakrie Group for USD 500 million.

Tata Power, part of India's largest conglomerate the Tata Group, said the sale would go to increase its cash flow and reduce its consolidated debt, without affecting coal supply to its plants.

Tata Power signed the agreement through its wholly owned units, the company said in a statement, without specifying them.

The sale is subject to restructuring moves, which Tata Power plans to complete in the next three months, the statement added.

Tata Power stock price

On January 31, 2014, Tata Power Company closed at Rs 73.95, up Rs 1.95, or 2.71 percent. The 52-week high of the share was Rs 103.45 and the 52-week low was Rs 68.25.

The company's trailing 12-month (TTM) EPS was at Rs 4.36 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 16.96. The latest book value of the company is Rs 51.67 per share. At current value, the price-to-book value of the company is 1.43.

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