OREANDA-NEWS. August 23, 2012. Tata Power, India’s largest integrated power company has launched and successfully completed an offering of 60-year Debentures of Rs. 1,500 Crores. The Lead Arranger for the issuance is Yes Bank Limited.
These Debentures have a maturity of 60 years and there is a call option with the Company which can be exercised at the end of 10 years and at the end of every year thereafter. The Coupon (which may be deferred at the Company’s option) on the Debentures is set at 10.75% p.a., with a step up provision if the Debentures aren’t called after 10 years. These Debentures rank senior only to share capital of the Company. This instrument is rated AA/stable by CRISIL and CARE AA by CARE, respectively.
Tata Power is India’s largest integrated power company with a significant international presence. The Company has an installed generation capacity of 6099 MW in India and a presence in all the segments of the power sector viz Generation (thermal, hydro, solar and wind), Transmission, Distribution and Trading. It has successful public-private partnerships in Generation, Transmission and Distribution in India namely “Tata Power Delhi Distribution Limited" with Delhi Vidyut Board for distribution in North Delhi, 'Powerlinks Transmission Ltd.' with Power Grid Corporation of India Ltd. for evacuation of Power from Tala hydro plant in Bhutan to Delhi and 'Maithon Power Ltd.' with Damodar Valley Corporation for a 1050 MW Mega Power Project at Jharkhand. It is one of the largest renewable energy players in India and is developing country’s first 4000 MW Ultra Mega Power Project at Mundra (Gujarat) based on super-critical technology. Its international presence includes strategic investments in Indonesia through 30% stake in coal mines and a geothermal project; in Singapore through Trust Energy Resources to securitise coal supply and the shipping of coal for its thermal power generation operations; in South Africa through a joint venture called ‘Cennergi’ to develop projects in South Africa, Botswana and Namibia; in Australia through investments in enhanced geothermal and clean coal technologies and in Bhutan through a hydro project in partnership with The Royal Government of Bhutan. With its track record of technology leadership, project execution excellence, world class safety processes, customer care and driving green initiatives, Tata Power is poised for a multi-fold growth and committed to 'lighting up lives' for generations to come.
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