Tata Power's JV Maithon Power issues Rs 500-cr debentures

NEW DELHI: Tata Power today said its joint venture company Maithon Power has issued redeemable secured non-convertible debentures of Rs 500 crore on a private placement basis.

"Maithon Power Limited, a 74 per cent joint venture, has issued and allotted senior, non-cumulative, redeemable, listed, rated, secured non-convertible debentures (NCDs) for an amount of Rs 500 crore on a private placement basis," Tata Power Company informed BSE today.

According to the statement, the NCDs have been rated AA-(with stable outlook) by Crisil. The NCDs carry a floating rate of interest linked to base rate published by HDFC Bank.

These NCDs have been issued through a private placement offer letter-cum-information memorandum, it added.