Tata Power said its board on Wednesday approved a proposal to raise up to Rs 5,500 crore through issuance of non-convertible debentures.
"Board has approved issuance in one or more tranches, of non- cumulative, redeemable, taxable, listed, rated securities in the form of Non-Convertible Debentures (NCDs) upto an aggregate amount not exceeding Rs 5,500 crore...," it said in a BSE filing.
The NCDs can be issued on private placement basis to any persons, entities, companies, banks and financial institutions.
The funds so raised will be utilised for refinancing of existing loans, among others, it stated.
