The unique features of the debentures are that they are perpetual in nature with no maturity or redemption and are callable only at the option of the company
Tata Power has issued debentures worth Rs1,500 crore with a view to secure long-term funding for its projects.
"Tata Power has launched an offering of perpetual debentures of Rs1,500 crore. The mandated joint lead arrangers for the issuance are Standard Chartered Bank and Yes Bank Ltd," the company said in a statement.
"This innovative long-term funding with equity features but without the associated economic dilution helps to diversify our financing options," the Tata Power executive director-finance, S Ramakrishnan, said.
The unique features of the debentures are that they are perpetual in nature with no maturity or redemption and are callable only at the option of the company.
Perpetual capital instruments are a form of debt with equity-like features and provide several benefits to issuers.
They allow a better balancing of capital structure, enhance financial flexibility, expand the choice of instruments that can be issued to access debt markets and enable diversification in the investor base.
Edelweiss Mutual Fund new issue opens on 3 June 2011 and closes on 6 June 2011
Edelweiss Mutual Fund has launched its first Fixed Maturity Plan-91 days-Series 1, a close-ended income scheme.
The new issue opens on 3 June 2011 and closes on 6 June 2011.
The investment objective of the scheme is to generate regular income through investments in debt and money market instruments maturing on or before the maturity date of the scheme.
The minimum application amount is Rs5,000. CRISIL Liquid Fund Index is the benchmark index.
Tata Mutual Fund new issue closes on 2nd June
Tata Mutual Fund has launched Tata Fixed Maturity Plan Series 33 Scheme C (281 days maturity), a close-ended income scheme.
The investment objective of the scheme is to generate income and / or capital appreciation by investing in wide range of Debt and Money Market instruments having maturity in line with the maturity of the scheme.
The new issue closes on 2nd June. The minimum investment amount is Rs10,000.
Crisil Liquid Fund Index is the benchmark index. Murthy Nagarajan is the fund manager.