Tata Power’s arm CGPL raises Rs 350 cr via NCDs
NEW DELHI: Tata Power on Monday said its arm CGPL – which runs Mundra power plant – has raised Rs 350 crore by issuing non-convertible debentures (NCDs) on private placement basis.
“Coastal Gujarat Power Ltd (CGPL), a wholly-owned subsidiary of the Company, has successfully issued and allotted Unsecured, Rated, Listed, Taxable, Guaranteed, Redeemable, Non-Convertible Debentures for an amount of Rs 350 crore on private placement basis issued for a tenor of 3 years,” a regulatory filing said.
The NCDs have been rated AA (CE) by India Ratings & Research and will carry a coupon rate of 8.55 per cent, payable annually. The debt obligations of the CGPL under the NCDs are guaranteed by the company, the filing said.
