Tata Power’s wholly-owned subsidiary Coastal Gujarat Power Limited (CGPL) has raised Rs 5.70 billion through issuance of non-convertible debentures (NCDs).
CGPL has issued and allotted unsecured, rated, listed, taxable, guaranteed, redeemable NCDs on a private placement basis for a tenor of 3 years. The proceeds of the NCDs will be utilised by CGPL towards refinancing of its existing debt, capital expenditure and augmentation of working capital. The NCDs have been rated IND AA(CE)/stable by India Ratings & Research and will carry a coupon rate of 5.70 per cent, payable annually