Tata Power Friday said its arm Coastal Gujarat Power Ltd (CGPL) has raised Rs 1,110 crore through issuance of non-convertible debentures (NCDs) on private placement basis, for refinancing existing debt, capital expenditure and augmentation of working capital.
The NCDs will carry a coupon rate of 9.15 per cent, payable annually. The debt obligations of CGPL under the NCDs are guaranteed by the company, Tata Power said in a BSE filing.
“Coastal Gujarat Power Limited (CGPL), a wholly-owned subsidiary of the company, has successfully issued and allotted guaranteed, unsecured, non-cumulative, redeemable, taxable, listed, rated, nonconvertible debentures for an amount of Rs 1,110 crore on private placement basis issued in three series (of Rs 370 crore each),” it said.
