Tata Power Ltd. on Friday said that it has raised Rs 1,000 crore through issuance of Non-Convertible Debentures (NCDs).
The company is a stock exchange filing said that it has raised amount through the issuance of 10,000 unsecured, redeemable, taxable, listed, rated NCDs on private placement basis on 27 November 2020. The NCDs issued will be listed on the Wholesale Debt Market segment of BSE and have fixed rate with annual coupon payment.
Delay in the payment of interest or principal amount for a period of more than three months from the due date or default in payment or interest or principal amount will trigger an event of default and additional interest will be imposed.
For the September quarter, the company had reported a 10 per cent growth in its consolidated net profit of Rs 371 crore against Rs 339 crore for the quarter ended September 2019. Its revenues during the quarter were up by 15 per cent at Rs 8,413 crore compared to Rs 7,329 in the year-ago period. Tata Power said that the rise in the revenues is due to the acquisition of TPCODL (TP Central Odisha Distribution Ltd.) and higher solar EPC (engineering, procurement and construction) revenue.