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On Friday, Tata Power said that its arm Tata Power Renewable Energy Ltd (TPREL) has raised Rs 425 crore through issuing guaranteed, unsecured, non-convertible debentures on private placement basis.
Tata Power has said in a BSE filing that “Tata Power Renewable Energy Limited (TPREL), a 100 per cent subsidiary of the company, has issued and allotted guaranteed, unsecured, non-cumulative, redeemable, taxable, listed, rated, non-convertible debentures (NCDs) for an amount of Rs 425 crore on private placement basis.”
According to the statement the proceeds from the NCDs will be used primarily for prepaying existing higher cost debt in TPREL.
