By IANS,
Mumbai : Leading private power major Tata Power Wednesday announced plans to raise $335 million through the global depository receipt (GDR) route to fund capital expenditures of its existing power plants.
This is the second Tata group company in two days that has said it will raise funds from foreign investors.
On Tuesday, Tata Steel had said it hoped to raise $500 million through GDRs to fund its expansion in the country and for its London-headquartered Anglo-Dutch arm Corus.
Tata Power will be issuing 14,838,110 GDRs for $22.57 each, representing one ordinary share of the company.
Goldman Sachs International and J.P. Morgan Securities are acting as joint lead managers and joint book runners to the offering and SBI Capital’s UK arm is as the co-lead Manager.
Application has been made for the GDRs to be listed on the official list of the Luxembourg Stock Exchange and to be admitted to trading on the EuroMTF market of the Luxembourg Stock Exchange.