OREANDA-NEWS. August 30, 2012. Tata Power, India’s largest integrated power company, has launched, and successfully completed, an offering of 60-year debentures of Rs1,500 crore. The lead arranger for the issuance is Yes Bank.

These debentures have a maturity of 60 years and have 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 percent per annum, with a step-up provision if the debentures are not 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.