Coastal Gujarat Power raises Rs 570 cr via private placement of NCDs

Coastal Gujarat Power (CGPL), a wholly-owned subsidiary of the Tata Power Company, has successfully issued and allotted Unsecured, Rated, Listed, Taxable, Guaranteed, Redeemable Non-Convertible Debentures (NCDs) for an amount of Rs 570 crore on private placement basis issued for a tenor of 3 years.

The NCDs have been rated IND AA(CE)/Stable by India Ratings & Research and will carry a coupon rate of 5.70%, payable annually. The debt obligations of CGPL under the NCDs are guaranteed by the Company. The proceeds of the NCDs will be utilised by CGPL towards refinancing of their existing debt, capital expenditure and augmentation of working capital.

These NCDs have been issued on a private placement basis.

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