Tata Power to seek shareholders' nod to raise up to Rs 5,500 cr via NCDs

Tata Power said it will seek shareholders' nod to raise up to Rs 5,500 crore through issuance of non-convertible debentures on private placement basis.

The company would seek shareholders' approval at the annual general meeting to be held this month.

"The consent of the company be and is hereby accorded to the board of directors...to subscribe to cumulative/non-cumulative, listed or unlisted, redeemable non-convertible debentures (NCDs)...aggregating to an amount not exceeding Rs 5,500 crore or its equivalent in one or more currencies on private placement basis, in one or more series/tranches," Tata Power said in a filing to BSE.

Tata Power would also seek shareholders' nod for appointment of Praveer Sinha as its CEO and Managing Director.

"The ninety-ninth annual general meeting of the Tata Power will be held on Friday, the 27th day of July 2018," the filing said.