Tata Power arm Coastal Gujarat Power raises Rs 350 cr via private placement of NCD

Tata Power Company announced that its wholly owned subsidiary, Coastal Gujarat Power has successfully issued and allotted Unsecured, Rated, Listed, Taxable, Guaranteed, Redeemable, Non-Convertible Debentures for an amount of Rs 350 crore on private placement basis issued for a tenor of 3 years.

The NCDs have been rated AA (CE) by India Ratings & Research and will carry a coupon rate of 8.55%, payable annually. The debt obligations of CGPL under the NCDs are guaranteed by the Company. The proceeds of the NCDs will be utilised towards general corporate purposes of CGPL including refinance of existing debt, capital expenditure, augmentation of working capital.

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