Shares of Tata Power were trading in the green and 1% higher on 28 December after the company signed a share purchase agreement to acquire a 100% stake in Bikaner III Neemrana II Transmission, a special purpose vehicle (SPV) meant for the project.

The acquisition was executed on 27 December for a total consideration of Rs 18.6 crore.

The SPV formed in June 2023 will build, own, operate, and transfer electrical power transmission systems between Bikaner and NEmmrana in Rajasthan. The acquisition involved the purchase of equity against a cash consideration and a one-time settlement of outstanding debt.

For share transfer in the SPV, the company has received approval from the power ministry.

Earlier this week, Tata Power Solar Systems Limited, which is a step-down wholly-owned subsidiary of the company, signed a contract to supply 152 megawatt peak DCR Solar Photovoltaic Modules to NTPC NOkh Solar Photovoltaic Project in Rajasthan.

In a period of six months, the shares of the company have given a return of over 48% and a return of over 60% in a period of one year.

At 3:30 pm, the shares of Tata Power closed 1.68% higher at Rs 330.30 on NSE.