Tata Power raises Rs 350 crores through debenture issue

Tata Power Company Ltd has announced that the Company has issued 100 Transferable, Secured, Redeemable, Non-Convertible Debentures aggregating to Rs. 350 crores, carrying a coupon rate of 9.15% and with a tenor of 15 years, on private placement basis. The issue opened and closed on July 20, 2010.

The Lead Arranger for this issue is Citibank N A and the Distribution & Placement Agent is Citicorp Capital Markets Ltd. These Debentures are rated 'LAA' by ICRA and 'AA' by CRISIL, with positive outlook.

The proceeds of this issue would be utilized largely to refinance the existing loan from IREDA.

The stock closed the day at Rs.1335.20, up by Rs.7 or 0.53%. The stock hit an intraday high of Rs.1338 and low of Rs.1311.65.

The total traded quantity was 0.38 lakhs compared to 2 week average of 0.48 lakhs.

Source : Equity Bulls

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