New Delhi: Tata electricity on Wednesday said its arm Tata strength Renewable power Ltd has raised Rs 575 crore through issuance of non-convertible debentures (NCDs) on private placement foundation.
The proceeds can be used normally to prepay current excessive price debt in TPREL, Tata power statedin a filing to BSE.
“TPREL, a wholly-owned subsidiary of the agency, has efficaciously issued and alloted assured, unsecured, non-cumulative, redeemable, taxable, listed, rated, non-convertible debentures for an amount of Rs 575 crore on personal placement foundation,” the filing stated.
The NCDs were rated AA (SO) through CARE Ltd. The NCDs will deliver a variety of zero.14 consistent with cent above 6 month marginal fee of lending charge (MCLR) of HDFC financial institution Ltd payable semi-yearly and are guaranteed by way of the enterprise.
these NCDs had been issued on a private placement foundation via private placement offer letter cuminformation memorandum.
“The assure agreement has been entered to assure charge duty of TPREL pursuant to the NCDs. Theassure is capped at Rs 625 crore and could fall off as soon as the NCDs are fully repaid,” the submittingstated.
(This story has now not been edited by means of NDTV personnel and is auto-generated from a syndicated feed.)
story first published on: June 15, 2016 18:51 (IST)
Tags: Tata power, Tata electricity Renewable strength, Tata electricity stocks, Tata strength news, NCDs, business information
