Tata Power today said it plans to raise $250 million (Rs 1,170 crore) by issuing foreign currency convertible bonds (FCCBs).

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In a filing to the Bombay Stock Exchange the company said it has launched the $250 million FCCB issue, which would also have a green-shoe option of raising a further $50 million.

The bonds would be listed on the Singapore Stock Exchange.

The FCCBs, having a coupon rate of 1-1.75 per cent, would be convertible into the company's shares at a 10 per cent premium over Rs 1,323.75 at Thursday's close on the National Stock Exchange.

Nomura is acting as the sole underwriter and book runner to the offering, the filing said.

Shares of Tata Power closed at Rs 1271.50, down 3.84 per cent on the BSE.

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