OREANDA-NEWS. April 21, 2011. Tata Power through its wholly owned subsidiary, Bhira Investments, priced on April 19, 2011, a USD 450-million 60-year (non-callable for five years) hybrid capital securities offering guaranteed by Tata Power, at 8.5 per cent per annum, payable semi-annually. Deutsche Bank, Goldman Sachs and UBS are the appointed joint bookrunners for the issue.

The proceeds of the issue of the securities will be applied by the issuer to fund its corporate and acquisitive activities and to repay an outstanding loan.

S Ramakrishnan, executive director, finance, Tata Power, said, “We appreciate the confidence shown by our investors and are committed to enhancing shareholder value.”

The securities are being offered outside the United States pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”).  The securities have not been and will  not be registered under the Securities Act or applicable state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state law.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer or sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any jurisdiction.  This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.

Some of the statements in this document, except for the historical information, are forward-looking statements. These forward-looking statements include references to growth projections, plans, strategies, intentions and beliefs concerning our business and operating environment. There are risks, uncertainties and other factors that may cause actual results to differ materially from those projected by these forward-looking statements.