The NCDs have been rated AA (CE) by India Ratings & Research and will carry a coupon rate of 8.55 per cent, payable annually.
The energy will be supplied to Tata Power Mumbai Distribution under a power purchase agreement (PPA), valid for a period of 25 years from the scheduled commercial operation date, the company added.
The board also gave in-principle approval for setting up of InvIT (Infrastructure Investment Trust) for the company's renewable business on terms and conditions to be discussed with potential investors.
The company had proposed to increase its authorised share capital from Rs 579 crore (divided into 350 crore equity shares of Re 1 each and 2.29 crore cumulative redeemable preference shares of Rs 100 each) to Rs 779 crore by creation of 200 crore equity shares of face value of Re 1 each.
The plethora of products on the platform also include embroidery by Tata Power's Rabari artisans from Mundra, Gujarat, which is known for its use of delicate stitch, mirror work and bold colourful thread designs.
The energy will be supplied to GUVNL under a power purchase agreement (PPA), valid for a period of 25 years from scheduled commercial operation date, it added.
The transaction also includes a long-term freight contract with Oldendorff Carriers, one of the largest dry-bulk shipping companies in the world.
Shrewd promoters are using the crisis as an opportunity to strengthen company balance sheets
As part of the association, Tata Power will deploy 50KW DC superfast chargers at select MG dealerships besides offering end-to-end electric vehicle charging solutions, the company said in a statement.
India’s largest private integrated power company’s rights issue could be upwards of Rs 2,000 crore. Tata Power to join similar fundraising efforts of companies such as RIL, M&M Financial Services, Future Consumer and Aditya Birla Fashion & Retail.
Revenue from operations declined 8 percent at Rs 6,620.80 crore versus Rs 7,229.84 crore, YoY.
"PAT was up 177 percent at Rs 475 crore as against Rs 172 crore due to gain on sale of Cennergi investment offset by impairment provision in SED & reversal of MAT Credit due to transition to new tax regime in the renewables business," the company said.
The company said that its actual borrowings done through debt securities in last fiscal was Rs 1,720 crore against the mandatory borrowing to be done through debt securities of Rs 852.50 crore.
Tata Power Solar is proud to consistently win large and challenging grid-based solar EPC contracts from industry-leading public sector undertaking like NTPC.
The Maharashtra government on Monday announced an average of 8 per cent electricity tariff cut for the next five years to help businesses and people tide over the COVID-19 crisis.
Adjaristsqali Georgia - a joint venture between Tata Power, Norway's Clean Energy Invest (CEI) and International Financial Corporation- is setting up a 187 MW of hydro project at a cost of around USD 500 million. It has now commissioned 178 MW of the total capacity.
Tata Power holds 40 percent shares in the joint venture.
"Preparing for a future-ready India, Tata Power is making a big push for a stronger adoption of clean energy by expanding its rooftop solar offerings to 90 cities," the power major said in a filing to BSE.
Earlier, Tata Power arm Coastal Gujarat Power Ltd (CGPL) which operates 4,000MW Mundra plant had served notices to discoms of Gujarat, Haryana, Rajasthan, Punjab and Maharashtra stating that its will stop supplying power from the plant from February 29 if tariff is not increased.
Tatas run one of India’s largest power plants, which is located in Gujarat.
Lower coal prices led to a 15-20 percent decline in our FY20-21 EPS, says Jefferies.
The company has already installed 100 fast charging stations in various cities, including Delhi, Mumbai, Bengaluru, Pune and Hyderabad, which it plans to take to 300 by March 2020.