Tata Power rose 2.73% to Rs 67.75 at 10:02 IST on BSE after the company said its subsidiary completed the refinancing of its outstanding ECB loans amounting to Rs 5,500 crore.
The announcement was made after market hours on Friday, 28 September 2018.Meanwhile, the S&P BSE Sensex was down 110.58 points, or 0.31% to 36,116.56.
On the BSE, 97,000 shares were traded in the counter so far compared with average daily volumes of 5.69 lakh shares in the past two weeks. The stock had hit a high of Rs 68 and a low of Rs 65.80 so far during the day.
Tata Power said that its wholly owned subsidiary, Coastal Gujarat Power, has completed refinancing of the outstanding external commercial borrowing (ECBs) loans amounting to ~$770 million (approximately Rs 5,500 crore) through a mix of Rupee-denominated debt instruments and equity funding from the proceeds of divestment of non-core assets of the company. The refinancing of USD loans of CGPL will help in rescheduling the cash requirements as well reducing the effective interest cost apart from reducing foreign exchange related volatility for CGPL. This is also expected to ease cash flow burden resulting from the continuing losses due to the continuing under-recoveries in the Mundra ultra mega power project.
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