Tata Sons Limited agreed to acquire an additional 39.99% stake in Panatone Finvest Ltd from The Tata Power Company Limited (BSE:500400) for INR 15.4 billion on January 19, 2018. On March 23, 2018, an agreement was signed. Tata Sons Limited will acquire 590.88 million shares of Panatone Finvest Ltd. Post-acquisition, Tata Sons Limited will hold 99.99% of the share capital of Panatone Finvest Ltd. Nandakumar Tirumalai and Anand Agarwal, being nominee Directors of The Tata Power Company Limited on Panatone Finvest Limited, will resign as Directors of the Panatone Finvest Limited simultaneously with the completion of the transaction and no new Directors are proposed to be appointed in their place. The transaction is subject to several corporate approvals of Tata Power Company Limited (including the approval of its Board of Directors, the Audit Committee of Directors and shareholders). Panatone Finvest has obtained an approval from Reserve Bank of India for the transaction on January 19, 2018. On March 26, 2018, the Board of Directors of The Tata Power Company Limited approved the deal. Tata Sons Limited cancelled the acquisition of an additional 39.99% stake in Panatone Finvest Ltd from The Tata Power Company Limited (BSE:500400) on January 19, 2019