Tata Power today said its arm Welspun Renewables Energy has raised Rs 1,200 crore through issuance of non-convertible debentures on private placement basis. Welspun Renewables Energy Private Ltd (WREPL) has successfully issued and allotted “non-convertible debentures of face value of Rs 10 lakh each, aggregating to Rs 1,200 crore on a private placement basis”, Tata Power said in a BSE filing today.
According to statement, the NCDs have been rated AA(SO) by CARE Ltd. They will carry a coupon of 8 per cent per annum payable annually. The proceeds from the NCDs will be primarily used to prepay existing higher cost debt in WREPL and its subsidiaries, it stated. WREPL is a wholly-owned step down subsidiary of Tata Power which has been recently acquired, the filing said.