Tata Power's subsidiary CGPL raises Rs 570 cr on a private placement basisq Corp

Coastal Gujarat Power Limited (CGPL) has issued and allotted Unsecured, Rated, Listed, Taxable, Guaranteed, Redeemable Non-Convertible Debentures (NCDs) for an amount of Rs 570 cr on a private placement basis issued for a tenor of three years

 

Tata Power's subsidiary CGPL raises Rs 570 cr on a private placement basisq

 

New Delhi: Tata Power-led wholly-owned subsidiary Coastal Gujarat Power Limited (CGPL) has successfully issued and allotted Unsecured, Rated, Listed, Taxable, Guaranteed, Redeemable Non-Convertible Debentures (“NCDs”) for an amount of Rs570cr on a private placement basis issued for a tenor of 3 years.

According to the regulatory filing, the NCDs have been rated IND AA(CE)/Stable by India Ratings & Research and will carry a coupon rate of 5.70%, payable annually. The debt obligations of CGPL under the NCDs are guaranteed by the Company.

Tata Power said that the proceeds of the NCDs will be utilised by CGPL towards refinancing of their existing debt, capital expenditure and augmentation of working capital, following applicable laws and regulations. The Issue proceeds will not be used for any purpose for which bank finance is not permitted by the RBI including investments in capital markets, real estate and on-lending.

These NCDs have been issued on a private placement basis through a private placement offer letter cum information memorandum.



Posted Date :  11-06-21

Categories : Corp

Tag Cloud: Corp

Similar news

TCS becomes a Leader in SAP S/4HANA Services by Everest Group

Tata Consultancy Services (TCS) has been positioned as a Leader in the Everest Group PEAK Matrix for SAP S/4HANA Services. As per the report, TCS has invested in establishing a strong partner ecosystem of cloud vendors and technology partners, which helps in bringing client-specific solution
Posted Date :  09-06-21

Read more

Infosys Collaborates with Archrock for Digital Technology Integration

Bengaluru: Infosys on Monday announced a collaboration with Archrock, Inc. (Archrock), the leading provider of natural gas compression services in the U.S., to integrate digital technologies and mobile tools for its field service technicians. As part of this engagement, Infosys will leverage its pre
Posted Date :  07-06-21

Read more

EESL owned CESL to supply EVs to Goa, Kerala and Andhra Pradesh

New Delhi: Convergence Energy Services Limited (CESL), CPSE under the Ministry of Power has forged key partnerships on World Environment Day in an effort to further the deployment of electric vehicles in the country. Agreements and MoUs have been signed with state governments of Goa, and Kerala to p
Posted Date :  05-06-21

Read more