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Tata Power's arm CGPL raises Rs 1.1K cr via debt securities

PTI | New Delhi | Updated: 14-06-2019 20:44 IST | Created: 14-06-2019 20:43 IST
Tata Power's arm CGPL raises Rs 1.1K cr via debt securities
Image Credit: Wikimedia Commons

Tata Power Friday said its arm Coastal Gujarat Power Ltd (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 said in a BSE filing.

"Coastal Gujarat Power Limited (CGPL), a wholly-owned subsidiary of the company, has successfully issued and allotted guaranteed, unsecured, non-cumulative, redeemable, taxable, listed, rated, nonconvertible debentures for an amount of Rs 1,110 crore on private placement basis issued in three series (of Rs 370 crore each)," it said. The proceeds of the NCDs will be utilised towards general corporate purpose of CGPL, including refinance of existing debt, capital expenditure, augmentation of working capital.

The issue proceeds will not be used for any purpose for which bank finance is not permitted by the Reserve Bank of India including investments in capital markets, real estate and on-lending, it said. The NCDs have been issued on a private placement basis through a private placement offer letter cum information memorandum, it added. CGPL has implemented the 4,000 MW Mundra Ultra Mega Power Project.



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