Tata Power to raise $335 mn through GDRs

Posted By: Staff
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Mumbai, Jul 22: Tata Power, India's leading power industry on Wednesday, Jul 22 said it will raise $335 million through global investors to fund capital expenditures for its ongoing projects

This is the second Tata group company has said it will raise funds from foreign investors. On Tuesday, Jul 21, Tata Steel had said it hoped to raise $500 million through global depository receipt (GDR) 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.

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