Tata Power raising up to Rs 3500 crores through Debentures


New Delhi: On Monday Tata Power has conveyed that its plank has accepted increasing up to Rs 3,500 crore throughout issuance of non-convertible debentures in one or more tranches on a confidential assignment basis. The corporation further conveyed in a BSE filing that, the Board of Directors of the corporation at its gathering held on July 11, 2016, has accepted and approved issuance in one or more tranches, of non-cumulative, redeemable, taxable, listed, rated securities in the appearance of non-convertible debentures up to an collective amount not more than or exceeding Rs 3,500 crore.

According to the announcement, the tenor of these securities will not exceed 3 years from the date of issue on personal placement basis to any persons, entities, bodies corporate, business, banks, economic institutions and any other categories of entitled investors allowable to invest in the Debentures under applicable laws. On Monday Tata Power also knowledgeable BSE that the Board of Directors at its gathering, has determined to change the date of the Annual General Meeting (AGM) of the corporation to September 21, 2016 at Birla Matushri Sabhagar, Sir Vithaldas Thackersay Marg, 19, New Marine Lines, Mumbai 400 020. Previous to the AGM was planned on August 5, 2016. It also further conveyed that, dividend, if confirmed at the conveyed AGM, will be remunerated on and from September 23, 2016 to the shareholders entitled to be given the similar.