Bhira Investments, a wholly owned subsidiary of Tata Power, has redeemed USD 450 million Fixed to Floating Rate Subordinated Notes on Sept. 02, 2014, as per the notice for early redemption to the Trustee dated Jul. 31, 2014.

Tata Power Company announced that the redemption has been financed by way of loans raised by Bhira for this specific purpose.

Shares of the company gained Rs 0.95, or 1.07%, to trade at Rs 90.05. The total volume of shares traded was 282,617 at the BSE (11.31 a.m., Wednesday).