India's Tata Power falls after Singapore court authorises sale of Singapore unit stakes

Tata Power

Today 09:05

** Shares of Tata Power TTPW.NS drop 3.6% at 351.20 rupees
** Kleros Capital says the Singapore court authorises the seizure and sale of TTPW's shares in two Singapore units - Bhira Investments and Tata Power International
** Kleros says the enforcement orders follow the court's recognition of arbitration awards worth $490.3 mln in its favour
** Adds, TTPW has not paid any part of the awards and the debt now exceeds $650 mln, including interest and costs
** The dispute stems from a proposed coal project at Russia's Krutogorovo deposit
** YTD, TTPW down 7.4%


 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))