Tata Power’s arm CGPL raises Rs 1,110 cr via NCDs for refinancing debt
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.
