Tata Power plans to raise $500 mn

Tata Power Company plans to raise up to $500 million from the international markets to meet its capital expenditure programme.

The board, which met on Wednesday, has given its in-principle approval to raise additional long-term resources up to $500 million by the issue of appropriate securities in the international markets on terms to be decided in due course, the company informed the Bombay Stock Exchange.

The amount would be used to meet the capital expenditure related to the company's growth projects and for such other corporate purposes as may be permitted under the applicable laws, it said.

TPC also said the Maharashtra government has nominated Sanjay Bhatia as the state government director on the company board in place of Jayant S Kawale.