Tata Power raises $335 mn in sale of GDRs

MUMBAI: Tata Power Co Ltd raised $335 million in a sale of global depositary receipts (GDRs) that was priced at about a 3 percent discount to the stock's last closing price, according to a term sheet obtained by Reuters.

The offering, which was expanded from an original $250 million, was priced at $22.57 or 1,089.8 rupees each. The deal was handled by Goldman Sachs and JPMorgan and was the latest in a spree of overseas share sales by Indian companies.