Tata Power accepts bids for multiple tenor bonds

The company will pay an annual coupon of 7.75 per cent for both the papers, and had invited commitment bids from bankers and investors earlier in the day, the bankers said. Credit: Reuters Photo

Tata Power has accepted bids worth an aggregate of 10 billion rupees ($120.7 million) for bonds maturing in 10 years and in seven year and 10 days, three merchant bankers said on Wednesday.

The company will pay an annual coupon of 7.75 per cent for both the papers, and had invited commitment bids from bankers and investors earlier in the day, the bankers said.

The bonds are rated AA by CRISIL and India Ratings and the issues will close for subscription on Thursday.

($1 = 82.8550 Indian rupees)

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