Tata Power launches FCCB issue

Tata Power Company Ltd has announced that the Company on November 06, 2009 has launched and priced a US$250 Million + upsize option of US$50 Million, 5 years and 1 day, 1% - 1.75% coupon Foreign Currency Convertible Bond (Bonds) offering, subject to fulfilment of certain conditions to the closing of the Issue. The Bonds are convertible at 10% premium over the closing price of the Company's shares on National Stock Exchange of India Ltd. on November 05, 2009 listed and bear a yield to maturity of 3.5% p.a. calculated on a semi-annual basis. These Bonds are expected to be listed on the Singapore Stock Exchange.

Nomura is the Sole Underwriter and Book runner to the offering.

The stock was trading at Rs.1279, down by Rs.43.30 or 3.27%. The stock hit an intraday high of Rs.1349 and low of Rs.1275.05.

The total traded quantity was 176564 compared to 2 week average of 76759.

Source : Equity Bulls

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