Tata Power to raise up to Rs 5,500 crore via NCDs

Tata Power Monday said its Board has approved plan to raise up to Rs 5,500 crore through issuance of non-convertible debentures (NCDs) on a private placement basis.

"The board has approved issuance in one or more tranches, of non-cumulative, redeemable, taxable, listed, rated securities in the form of non-convertible debentures up to an aggregate amount not exceeding Rs 5,500 crore on private placement basis," Tata Power said in a BSE filing.

Shares of Tata Power settled 12.40 per cent higher at Rs 77.50 apiece on BSE.