Corporate
-
Overseas Borrowings
Markets
-
Stock Exchanges
Tata Power raises $335 m through GDRs
Our Bureau
Mumbai, July 22 Tata Power Company has raised $335 million through issue of global depository receipts (GDRs).
“The GDR offering has attracted quality investors, which has enabled the company to increase the offering size from $250 million to $335 million,” said Mr S. Ramakrishnan, Executive Director, Finance, in a statement issued here on Wednesday.
Each GDR, priced at $22.577, represents one equity share of a nominal value Rs 10 each. Tata Power will issue 14.83 million GDRs and the listing is expected to take place shortly.
Luxembourg listing
The SEBI floor price for the issue as on date is Rs 1,089.78. An application has been made to the Luxembourg Stock Exchange to list the GDRs.
“The equity raising exercise and the listing on the Luxembourg Stock Exchange will help in capitalising the balance sheet and enable deployment in our expansion projects,” said Mr Prasad R. Menon, Managing Director.
A company spokesperson said the money would be used to finance ongoing projects at Maithon, Jojobera and Mundra apart from expansion in the Mumbai licence area.
Related Stories:
Tata Power sees revenues from power trading rising
Tata Power to generate 5 MW from geothermal, solar plants in Gujarat
Tata Power to focus on renewable energy options
Tata Power Q4 net rises 58%
More Stories on :
Overseas Borrowings |
Stock Exchanges |
Power |
Tata Power Co. Ltd
Article
E-Mail
::
Comment
::
Syndication
::
Printer Friendly Page
|
