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News Brief | July 2011

Tata Power launches perpetual debentures

Tata Power India's largest integrated private power utility has launched an offering of perpetual debentures of Rs 1,500 crore. The mandated joint lead arrangers for the issuance are Standard Chartered Bank and Yes Bank. The unique features of the debentures are that they are perpetual in nature with no maturity or redemption and are callable only at the option of the company. The coupon (which may be deferred at the company's option) on the debentures is set at 11.4 per cent p.a., with a step up provision if the debentures aren't called after 10 years. These debentures rank senior only to share capital of the company. This provides equity characteristics to these 'hybrid' debentures. S Ramakrishnan, Executive Director (Finance), Tata Power said, "The issuance of these perpetual debentures is an important step in the overall financing strategy and capital structure management of Tata Power. As the company continues to develop and execute its significant growth plans, this innovative long-term funding with equity features but without the associated economic dilution helps to diversify our financing options."

Contact: Tata Power Tel: +91 22 6665 8282 Web: www.tatapower.com
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