Tata Power Renewable Energy eyes Rs 1,000 crore from bond issuance

Tata Power bonds issuance: Tata Power Renewable Energy, a subsidiary of Tata Power Co, is planning to secure Rs 1,000 crore ($119.90 million) by issuing bonds with maturities of five and ten years, according to two bankers familiar with the matter who spoke to Reuters on Wednesday.

The company intends to raise Rs 500 crore from each of these two bond issues, and is expected to solicit bids from investors by the end of this month.

It is anticipated that the bonds will offer a coupon rate of 7.93 per cent for both issues. Tata Power Renewable has not made any official announcement regarding the bond sale.

The bonds have received a rating of AA+ from India Ratings and Research. Previously, Tata Power Renewable raised Rs 700 crore through a seven-year bond issuance at a 7.75 per cent coupon rate in May 2023.

(With Reuters Inputs)