At 98th annual general meeting take place in Mumbai, it is discussed that Tata Power will raise up to Rs.7000 crore via issuance of non-convertible debentures/bonds on private placement basis and appoint 6 new directors for the company.
Tata Group Chairman N Chandrasekaran named three key priorities for the company, to solve issues at Tata Powers Mundra plant in Gujarat, reduce the companys high debt, and simplify the corporate structure.
Companys gross debt estimated to Rs 48,816 crore. For 16-20% of Tata groups net debt, Tata Power is accountable. In planning to reduce debt levels of the company, various measures will be taken like selling of non-core assets, issue of non-convertible debentures.