Tata Power approves issuance of NCDs worth Rs 1,500 crore

India’s largest power generation company, Tata Power Co. Ltd, has approved the issuance of non-convertible debentures of around Rs 1,500 crore.

In an exchange filing made after the market hours on May 19, the company informed that its board of directors in its meeting held on Tuesday has approved the issuance in one or more tranches of non-cumulative, redeemable, taxable, listed, rated securities in the form of non-convertible debentures (NCDs), up to an aggregate amount, not exceeding Rs 1,500 crore on private placement basis.

The company added that the NCDs would be issued for Rs 1,500 crore or its equivalent in one or more currencies on private placement basis from domestic or off-shore markets to any persons, entities, bodies corporate, companies, banks or financial institutions and any other categories of eligible investors permitted to invest in the debt securities under applicable laws.

A part of Tata Group, the core business of Tata Power Ltd is to generate, transmit and distribute electricity. Based in Mumbai (Maharashtra), the company is an Indian electric utility company.

At 10.01 am on Wednesday, the stock of Tata Power Co. Ltd is trading at Rs 33.75, up by 4.33 per cent against its previous close of Rs 32.35. Its 52-week high is Rs 74.05 while, its 52-week low is Rs 27.00 on BSE.