Tata Power plans to raise $500m

Tata Power Company plans to raise $500 million from the international markets.

The company said in a notice to the Bombay Stock Exchange that the board has approved in principle the raising of additional long-term resources up to $500 million by issue of appropriate securities in the international markets on terms to be decided by the board /committee of the board in due course.

The funds are being raised to meet the capital expenditure related to the company's growth projects and for such other corporate purposes as may be permitted under applicable laws, the company's notice to the BSE added.

Tata Power has chalked out a capital expenditure programme of around Rs 5,000 crore in three to four years.