Tata Power eyes Rs15bn from three-tranche bonds


MUMBAI, 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.


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