Tata Power Company announced that the board of directors of the company at its meeting held on Oct. 13, 2014, has approved the issue of non-cumulative, redeemable, listed, rated non-convertible debentures (NCDs), not exceeding an aggregate limit of Rs 37 billion on private placement basis.

The NCDs may be issued by the company in one or more tranches and may be unsecured or secured by creation of charge over the assets of the company.

Tata Power Company is part of Hydro-Electric Power System which also comprises Tata Hydro-Electric Power Supply Company and Andhra Valley Power Supply Company. Tata Power has hydel plants at Bhira, Bhivpuri, and Khopoli and a thermal power plant at Trombay.

Shares of the company gained Rs 1.8, or 2.12%, to trade at Rs 86.90. The total volume of shares traded was 338,340 at the BSE (2.08 p.m., Tuesday).