Tata Power Company has received ‘AA/Positive’ rating from CRISIL, the credit rating agency for the issue of Rs 1500 crore unsecured, listed, subordinated, perpetual debentures. The perpetual debenture is a kind of hybrid instrument, combines features of both debt and equity. The rating agency has accorded 50 per cent equity content to this instrument. It implies that CRISIL, in its analysis of Tata Power’s capital structure and financial ratios, will treat 50 per cent of the principal amount as equity and the other half as debt.
Recently, ICRA had reaffirmed LAA and A1+ ratings assigned for the Tata Power’s Non Convertible Debenture (NCD) programme of Rs 2,600 crore and commercial paper/short term debt programme of Rs 500 crore. The long term rating carries a positive outlook.
Tata Power registered marginal growth of 2.36% in its net profit after tax and statutory appropriations for FY11 at Rs 970.01 crore as compared to Rs 947.65 crore for the previous year. Its total income increased marginally by 0.44% at Rs 7412.06 crore for the year from Rs 7379.85 crore in previous year.
Company Name | CMP |
---|---|
NTPC | 358.90 |
Tata Power | 436.80 |
Power Grid Corp | 309.45 |
Adani Power | 756.65 |
Torrent Power | 1516.25 |
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