Tata Power on Thursday said its wholly-owned subsidiary CGPL has raised Rs 570 crore through issuance of non-convertible debentures (NCDs).
“Coastal Gujarat Power Limited (CGPL)… has successfully issued and allotted unsecured, rated, listed, taxable, guaranteed, redeemable NCDs for an amount of Rs 570 crore on private placement basis issued for a tenor of 3 years,” Tata Power said in a BSE filing.
The proceeds of the NCDs will be utilised by CGPL towards refinancing of its existing debt, capital expenditure and augmentation of working capital, it said.
The proceeds will not be used for any purpose for which bank finance is not permitted by the RBI including investments in capital markets, real estate and on-lending, it added.
