Tata Power to raise ₹2,000 crore through bond sale: Reports

Mumbai: Tata Power Co is set to raise ₹2,000 crore through a bond issue likely to be launched on Thursday, marking the company’s first such sale in over two years, The Economic Times reported, citing sources.

The proceeds are intended to refinance existing debt, invest in renewable energy projects, and support general corporate purposes, according to sources familiar with the matter.

“The three-year bond due on December 19, 2028, is likely to price at 7.05% while the five-year bond due on December 19, 2030 is likely to price at 7.25%. Financial institutions like mutual funds, insurance companies and banks are likely to subscribe to this issue,” said a person involved in the deal to ET.

Tata Chemicals raises ₹1,500 crore through NCDs

In a separate development, Tata Chemicals Ltd has raised ₹1,500 crore through the allotment of non-convertible debentures (NCDs) on a private placement basis.

The company allotted 1,50,000 listed, unsecured, rated, redeemable, taxable, non-cumulative debentures, each with a face value of ₹1 lakh, carrying a fixed coupon of 7.06% for a tenure of two years and 364 days.

“The debentures have been issued to identified investors based on multiple yield allotment methods,” Tata Chemicals said in a filing, adding that the allotment was approved by the company’s internal board committee. The NCDs will be listed on the Debt Segment of the National Stock Exchange of India Limited (NSE).