Tata Power raises Rs 3,500 crore via debentures

Tata Power on Wednesday said it has raised Rs 3,500 crore through an issuance of unsecured, taxable, redeemable, non-cumulative, listed, rated and non-convertible debentures worth Rs 3,500 crore on a private placement basis.

Last month, Tata Power's board at its meeting held on July 11, had approved issuance of non-cumulative, redeemable, taxable, listed, rated securities in the form of non-convertible debentures up to an aggregate amount not exceeding Rs 3,500 crore.

The tenor of these securities is three years and these debentures will mature on August 3, 2019.

Stock of the company on Wdnesday ended at Rs 71.50, down 0.56% from the previous close on BSE.