Tata Power To Raise Rs. 3,500 Crore Via Debentures

Tata Power board approved raising up to Rs 3,500 crore through issuance of non-convertible debentures.

Tata Power board approved raising up to Rs. 3,500 crore through issuance of non-convertible debentures.

New Delhi: Tata Power on Monday said that its board has approved raising up to Rs. 3,500 crore through issuance of non-convertible debentures in one or more tranches on a private placement basis.

“The Board of Directors of the Company at its meeting held on July 11, 2016, has approved issuance in one or more tranches, of non-cumulative, redeemable, taxable, listed, rated securities in the form of non-convertible debentures up to an aggregate amount not exceeding Rs. 3,500 crore,” the company said in a BSE filing.

According to the statement, the tenor of these securities will not exceed 3 years (Debentures) from the date of issue on private placement basis to any persons, entities, bodies corporate, companies, banks, financial institutions and any other categories of eligible investors permitted to invest in the Debentures under applicable laws.

Tata Power also informed BSE that the Board of Directors at its meeting today, has decided to change the date of the Annual General Meeting (AGM) of the Company to September 21, 2016 at Birla Matushri Sabhagar, Sir Vithaldas Thackersay Marg, 19, New Marine Lines, Mumbai 400 020.

Eariler the AGM was scheduled on August 5, 2016.

“Dividend, if declared at the said AGM, will be paid on and from September 23, 2016 to the shareholders entitled to receive the same,” it said.

[“source-ndtv”]