Tata Power mops up Rs 1,500 crore

Tata Power today said it has raised Rs 1,500 crore through issue of securities and the proceeds would be utilised for general corporate purposes, including towards repayment of maturing foreign currency convertible bonds.The power producer has issued two series of Non-Convertible Debentures (NCDs) worth Rs 1,500 crore on a private placement basis. In a statement, Tata Power said the proceeds would be used for general corporate purposes of the company, including repayment of maturing foreign currency convertible bonds, capital expenditure and working capital."The 9.32 per cent unsecured, non-cumulative, redeemable, listed, and rated Series 1 NCDs aggregating Rs 1,000 crore will be repaid in 2017. "The 9.48 per cent unsecured, non-cumulative, redeemable,listed, and rated Series 2 NCDs aggregating Rs 500 crore will be repaid in 2019," the statement said. These NCDs would be listed on the wholesale debt market segment of NSE. The joint lead arrangers of these NCDs are Standard Chartered Bank, IDFC, Yes Bank, Axis Bank and Deutsche Bank. Tata Power, one of the largest power producers in the country, has an installed generation capacity of over 8,600 MW.