Tata Power Company Limited has raised Rs 15 billion through the private placement of non-convertible debentures (NCDs). The fund raise comprises 150,000 unsecured, senior, redeemable, rated, listed, taxable and non-cumulative NCDs, each with a face value of Rs 100,000, allotted to identified investors.

The debentures have a tenure of five years and carry a coupon rate of 7.5 per cent. The coupon was discovered through the electronic book building process on BSE Limited’s platform using the multiple yield allotment method prescribed by BSE and the Securities and Exchange Board of India. The issue price was determined on the basis of the discovered yield. The company has proposed to list the NCDs on the Wholesale Debt Market segment of BSE Limited.