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Tata Power raises Rs 500 crore through debentures

Tata Power has successfully issued and allotted 5,000 unsecured, non-cumulative, redeemable, taxable, listed, rated non-convertible debentures (NCDs) of the face value of Rs 10 lakh each, aggregating Rs 500 crore on a private placement basis.

The company said in a filing to the Bombay Stock Exchange (BSE) that these NCDs carry a floating interest rate linked to the base rate of the State Bank of India and have been rated CARE AA by CARE Ltd.

Kotak Mahindra Bank Limited has acted as the sole arranger for the issue of these NCDs, the company said.

These NCDs have been issued on a private placement basis through a private placement offer letter-cum-information memorandum addressed specifically to certain eligible investors and which is not intended to be an advertisement, invitation, offer, sale or solicitation of an offer to the public at large for investing in the NCDs.

Source: ICMW