Tata Power's subsidiary Coastal Gujarat Power raises Rs 27 bn through NCDs

Creates Rs 31 billion contingency liability for Tata Power

Tata Power’s Mundra subsidiary Coastal Gujarat Power has raised Rs 27 billion through an issue of non-convertible debentures (NCD) s, the company said in a statement on Monday.

“Coastal Gujarat Coastal Gujarat Power (CGPL) has successfully issued and allotted Guaranteed, Unsecured, Non-Cumulative, Redeemable, Taxable, Listed, Rated NCDs for an amount of Rs 27 Billion on private placement basis issued in two series -amounting Rs 17 Billion for a tenor of 5 years and Rs10 Billion for a tenor of 10 years,” the company said in its statement.

The NCDs will create a contingent liability not exceeding Rs 31 Billion for