Tata Power’s subsidiary Coastal Gujarat Power raises Rs 27 billion via NCDs

Tata Power’s wholly owned subsidiary Coastal Gujarat Power Limited has raised Rs 27 billion via the issuance of NCDs on a private placement basis. The NCDs were issued in two series – Series I NCDs amounting to Rs 17 billion for a tenor of five years and Series II NCDs amounting to Rs 10 billion for a tenor of 10 years. The proceeds will be used for general corporate purposes of Coastal Gujarat Power, including refinancing foreign currency debt and capital expenditure.