Tata Power arm issues NCDs

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Tata Power’s fully-owned subsidiary Tata Power Renewable Energy Ltd (TPREL) has issued Non-Convertible Debentures (NCDs) worth ₹575 crore on a private placement basis.The NCDs carry a spread of 0.14 per cent above HDFC Bank’s six months marginal cost of funds based lending rate (MCLR). The bank’s six months MCLR is at 9.10 per cent.The proceeds from the NCDs will be used to prepay existing higher cost debt of TREPL. The NCDs have been rated AA(SO) by CARE Ltd, the BSE statement issued by Tata Power said.

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