Tata Power Company said on Friday it had started selling at least USD 250 million of foreign currency convertible bonds.
The bonds mature in five years and a day and have a yield to maturity of 3.5%, on a semi-annual basis, the company told the stock exchange.
The bonds are expected to be listed on the Singapore Stock Exchange and are convertible at a 10% premium over Rs 1,323.75 at Thursday's close on India's National Stock Exchange.
Nomura is the sole underwriter and book runner to the offering, which has a greenshoe option of USD 50 million.
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