You are here: Home » Companies » News
Business Standard

Tata Power's arm CGPL raises Rs 1,110 cr via NCDs for refinancing debt

The NCDs will carry a coupon rate of 9.15 per cent, payable annually. The debt obligations of CGPL under the NCDs are guaranteed by the company, Tata Power said in a BSE filing

Press Trust of India  |  New Delhi 

Friday said its arm Ltd (CGPL) has raised Rs 1,110 crore through issuance of (NCDs) on private placement basis, for refinancing existing debt, capital expenditure and augmentation of working capital.

The NCDs will carry a coupon rate of 9.15 per cent, payable annually. The debt obligations of CGPL under the NCDs are guaranteed by the company, said in a BSE filing.

"Limited (CGPL), a wholly-owned subsidiary of the company, has successfully issued and allotted guaranteed, unsecured, non-cumulative, redeemable, taxable, listed, rated, nonconvertible debentures for an amount of Rs 1,110 crore on private placement basis issued in three series (of Rs 370 crore each)," it said.

The proceeds of the NCDs will be utilised towards general corporate purpose of CGPL, including refinance of existing debt, capital expenditure, augmentation of working capital.

The issue proceeds will not be used for any purpose for which bank finance is not permitted by the Reserve Bank of India including investments in capital markets, real estate and on-lending, it said.

The NCDs have been issued on a private placement basis through a private placement offer letter cum information memorandum, it added.

CGPL has implemented the 4,000 MW Mundra Ultra Mega Power Project.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Fri, June 14 2019. 20:45 IST
RECOMMENDED FOR YOU