Home India Tata Power Renewable Energy raises Rs 425 crore via NCDs
Tata Power Renewable Energy raises Rs 425 crore via NCDs

Tata Power Renewable Energy raises Rs 425 crore via NCDs

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“Tata Power Renewable Energy Limited (TPREL), a 100 per cent subsidiary of the company, has issued and allotted guaranteed, unsecured, non-cumulative, redeemable, taxable, listed, rated, non-convertible debentures (NCDs) for an amount of Rs 425 crore on private placement basis,” Tata Power said in a BSE filing.

Tata Power on Friday said its arm Tata Power Renewable Energy Ltd (TPREL) has raised Rs 425 crore through issuance of guaranteed, unsecured, non-convertible debentures on private placement basis.

Tata Power Renewable Energy Limited (TPREL), a 100 per cent subsidiary of the company, has issued and allotted guaranteed, unsecured, non-cumulative, redeemable, taxable, listed, rated, non-convertible debentures (NCDs) for an amount of Rs 425 crore on private placement basis,” Tata Power said in a BSE filing. The proceeds from the NCDs will be primarily used to prepay existing higher cost debt in TPREL, it added. “The NCDs have been rated AA (SO) by CARE Ltd. The NCDs will carry a spread of 0.13 percent above Base Rate of State Bank of India (fully floating) payable annually and are guaranteed by the company,” the filing said.

Source:Moneycontrol

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Anand Gupta Editor - EQ Int'l Media Network

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