Credit: REUTERS/SHAILESH ANDRADEMUMBAI, Nov 19 (IFR) - Tata Power is planning to raise up to Rs15bn (US$208m) from three-tranche bonds, according to a market source.
It is eyeing Rs2bn plus a greenshoe amount of Rs3bn from a three-year portion at 8.84%, Rs3bn plus a greenshoe of Rs4.5bn from a three-year and three-month tranche also at 8.84% and Rs2.5bn from a five-year three-month tranche at 9%.
India Ratings has assigned a provisional AA (stable) rating to the unsecured bonds.
The issuer has asked investors to place bids on the NSE's electronic platform on November 20 from 11:00am to 12:30pm.
Axis Bank is said to be the arranger for the deal.
The coupons will step up by 25bp for every one-notch rating downgrade.
The issuer is yet to make an official announcement on the planned bond sale.
(Reporting by Krishna Merchant; Editing by David Holland and Vincent Baby)
((Krishna.Merchant@thomsonreuters.com; +65 64174544;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
