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Our Bureau

Mumbai , Feb. 25

TATA Power Company Ltd has completed the allotment of $200-million worth Foreign Convertible Currency Bonds (FCCBs) issue. These bonds will be listed on the Singapore Stock Exchange.

Earlier this month, Tata Power had launched $200-million, five-year FCCBs carrying a one per cent coupon, convertible at a 50 per cent premium over the closing share price of February 8, 2005, bearing a compounded half-yearly yield-to-maturity of 3.88 per cent.

JP Morgan was the sole underwriter and book runner to the offering.

Tata Power intends to use the aggregate net proceeds from this issue for capital expenditure in existing units, new projects and acquisitions.

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