Tata Power Renewable Energy raises Rs 425 cr through private placement of NCDs
Tata Power Company announced that Tata Power Renewable Energy (TPREL), a 100% subsidiary of the Company, has issued and allotted Guaranteed, Unsecured, Non-Cumulative, Redeemable, Taxable, Listed, Rated, Non-Convertible Debentures ("NCDs) for an amount of Rs. 425 crore on private placement basis.The NCDs have been rated AA (SO) by CARE. The NCDs will carry a spread of 0.13% above Base Rate of State Bank of India (fully floating) payable annually and are guaranteed by the Company. The proceeds from the NCDs will be primarily used to prepay existing higher cost debt in TPREL.
These NCDs have been issued on a private placement basis through a private placement offer letter cum information memorandum.
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