Tata Power Company Ltd has informed BSE that Rating agency, CARE (Credit Analysis & Research Limited) has assigned 'CARE AA' Rating to the Company's Perpetual Debenture issue.
The Company's Perpetual Debenture Issue of Rs. 1500 crores has a call option after 10 years from the issue date and every year thereafter. There is a step up of 100 bps after 10 years. The coupon (payable semi-annually) has an optional deferral clause which is linked to non payment of dividend, with a look back period of six months. There is a dividend stopper clause that restricts dividend payment on shares in case the coupon payment on the perpetual debentures is deferred.
In this regard, the Company has issued a Press Release dated June 01, 2011 titled "CARE Assigns 'CARE AA' Rating To The Perpetual Debenture Issue of Tata Power"Read More
Sensex
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Wednesday, June 01, 2011
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