Mumbai, June 12 -- Tata Power Co. Ltd, India's largest private power generation company, has started work on a rights issue to raise at least '2,000 crore, as it looks to reduce debt and tap new opportunities.
"Tata Power has appointed investment bank Kotak Mahindra Capital to start work on the rights issue. They will be appointing another three to four banks soon," said a person aware of the company's plans, on the condition of anonymity.
Tata Power could raise at least '2,000 crore from the rights issue, although the final size of the offer could be significantly larger, he added.
"The rights issue will be launched next quarter." In a recent filing with the stock exchanges, Tata Power said it wanted to alter its memorandum of associati...