Tata Power Company’s subsidiary — Coastal Gujarat Power (CGPL) has raised Rs 1,110 crore through issuance of Non-Convertible Debentures (NCDs) on private placement basis, for refinancing existing debt, capital expenditure and augmentation of working capital.
The NCDs will carry a coupon rate of 9.15 per cent, payable annually. The debt obligations of CGPL under the NCDs are guaranteed by the company.
Tata Power Company is India’s largest integrated power company with a growing international presence. The company together with its subsidiaries and jointly controlled entities has presence in all the segments of the power sector viz. Fuel Security and Logistics, Generation (thermal, hydro, solar and wind), Transmission, Distribution and Trading.