Tata Power Company was down 0.39% to Rs 76.20 at 9:25 IST on BSE, tracking weakness in the broader market.
Meanwhile, the BSE Sensex was down 165.80 points, or 0.62%, to 26,560.54.
On BSE, so far 14,000 shares were traded in the counter, compared with an average volume of 4.96 shares in the past two weeks. The stock hit a high of Rs 77.10 and a low of Rs 75.90 so far during the day.
Tata Power Company announced that Tata Power Renewable Energy (TPREL), a wholly owned subsidiary of the company, successfully issued and allotted guaranteed, unsecured, non-cumulative, redeemable, taxable, listed, rated non-convertible debentures of Rs 575 crore on private placement basis. The NCDs will carry a spread of 0.14% above 6 month marginal cost of lending rate (MCLR) of HDFC Bank payable semi annually and are guaranteed by the company. The proceeds from the NCDs will be primarily used to prepay existing higher cost debt in TPREL. The guarantee agreement has been entered to guarantee payment obligation of TPREL pursuant to the NCDs. The guarantee is capped at Rs 625 crore and will fall off once the NCDs are fully repaid. This will create contingent liability not exceeding Rs 625 crore for the company. The announcement was made after market hours yesterday, 15 June 2016.
Tata Power Company's consolidated net profit rose 126.4% to Rs 360.25 crore on 19.1% growth in net sales to Rs 9333.52 crore in Q4 March 2016 over Q4 March 2015.
Tata Power is India's largest integrated power company with a growing international presence. The company has presence in all the segments of the power sector viz. fuel security and logistics, generation (thermal, hydro, solar and wind), transmission, distribution and trading.
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