Tata Power Company to raise upto $400 million

Tata Power Company Ltd [rated Ba3 / Stable (Moody's), BB - / Positive (S&P)] has appointed Deutsche Bank, Goldman Sachs, and UBS as Joint Bookrunners for a 60 year Non-callable for 5 years Reg S hybrid capital offering of US$300 million to US$400 million with final size to be determined by market demand, and proposed to be undertaken through a wholly owned overseas subsidiary of The Tata Power Company Ltd. The aforesaid offering is proposed to be guaranteed by The Tata Power Company Ltd. Terms of the transaction are to be announced.

The stock closed the day at Rs.1303, down by Rs.3.85 or 0.29%. The stock hit an intraday high of Rs.1326.80 and low of Rs.1297.

The total traded quantity was 0.24 lakhs compared to 2 week average of 0.30 lakhs.

Source : Equity Bulls

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