Tata Power on Friday said it has raised ₹1,000 crore through issuance of non-convertible debentures (NCDs).
The company raised the amount through the issuance of 10,000 unsecured, redeemable, taxable, listed, rated NCDs on private placement basis on November 27, it said in a stock exchange filing. Date of maturity is 27 November 2023.
The debentures would be listed on Wholesale Debt Market segment of BSE and have fixed rate with annual coupon payment. The rating of the NCDs is CRISIL AA/Stable.
Delay in payment of interest/principal amount for a period of more than three months from the due date or default in payment or interest/principal will trigger an event of default and levy of additional interest, it said.
Tata Power had posted a 10 per cent increase in consolidated net profit at ₹371 crore for the quarter ended September 2020.
“Consolidated PAT stood at ₹371 crore (in July-September 2020) up by 10 per cent as compared to ₹339 crore in Q2 FY20 due to stable performance across businesses,” a company statement said.
On a consolidated basis, Tata Power Group’s Q2 FY21 revenue was up by 15 per cent at ₹8,413 crore as compared to ₹7,329 crore last year.
The rise in revenue was mainly due to acquisition of TPCODL (TP Central Odisha Distribution Ltd) and higher solar EPC (engineering, procurement and construction) revenue, it said.
On COVID-19, it said the management believes there is not much of an impact likely due to this pandemic. However, there exists some uncertainty over the impact of COVID-19 on future business performance of some joint ventures involved in the coal mining and an associate engaged in providing EPC services, it added.
