Tata Power to raise $300 mn through FCCBs

Sat, Nov 7 06:48 AM

TATA Power is planning to plans to raise $250 million (Rs 1,170 crore) by issuing foreign currency convertible bonds (FCCBs) to be listed on the Singapore Stock Exchange. In a filing to the Bombay Stock Exchange (BSE), one of the exchanges in India where the company is listed and traded, it said that the $250 million FCCB issue has been launched. Tata Power said that the issue has a green-shoe option of raising a further $50 million.

The FCCBs, having a coupon rate of 1-1.75 per cent, would be convertible into the company's shares at a 10 per cent premium over Rs 1,323.75 at Thursday's close on the National Stock Exchange (NSE). Nomura is acting as the sole underwriter and book runner to the offering, the filing said. Tata Power shares closed at Rs 1271.50, down 3.84 per cent on the BSE.

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