Tata Power's wholly-owned subsidiary, Tata Power Renewable Energy (TPREL) has successfully issued and allotted Guaranteed, Unsecured, Non-Cumulative, Redeemable, Taxable, Listed, Rated, Non-Convertible Debentures (NCDs) for an amount of Rs 5 billion on private placement basis.

The NCDs have been rated AA (SO) by CARE. The NCDs will carry a Coupon rate of 8.45% by IDFC Bank payable annually and are guaranteed by the company. The proceeds of the Instrument will be used for fresh capital expenditure / refinancing of short term liabilities contracted for financing the capital expenditure of various renewable energy projects being developed by the TPREL.

Shares of Tata Power declined Rs 0.6, or 0.75%, to trade at  Rs 79.75.  The total volume of shares traded  was  52,226 at the BSE (10.51 a.m., Friday).