Tata Power surges on plan to raise $560 million from international market

Tata Power Company is currently trading at Rs. 93.30, up by 1.30 points or 1.41% from its previous closing of Rs. 92.00 on the BSE.

The scrip opened at Rs. 92.75 and has touched a high and low of Rs. 93.45 and Rs. 92.25 respectively. So far 162182 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 115.25 on 09-Jun-2014 and a 52 week low of Rs. 67.36 on 06-Sep-2013.

Last one week high and low of the scrip stood at Rs. 94.60 and Rs. 87.45 respectively. The current market cap of the company is Rs. 25125.97 crore.

The promoters holding in the company stood at 33.04% while Institutions and Non-Institutions held 51.55% and 15.24% respectively.

In a bid to refinance old debts due in the next few months, Tata Power Company is planning to raise $560 million from the international market. The company is marketing a $460-million, 18-month loan and another of $100 million as a three-year facility. State Bank of India, ANZ, Bank of America Merrill Lynch, RBS and Standard Chartered are marketing the loan on the company’s behalf.

Last week, the company announced that it is planning to dilute its non-core investments to reduce debt, as well as refinance loans. As of March 31, the company’s consolidated net debt stood at Rs 38,618 crore, compared with Rs 35,892 crore a year earlier. Tata Power is India’s largest integrated power company with a significant international presence. The Company has an installed generation capacity of 8521 MW in India and a presence in all the segments of the power sector viz. Generation (thermal, hydro, solar and wind), Transmission, Distribution and Trading.