Tata Power has successfully completed the allotment of non-convertible debentures (NCDs) worth ₹2,000 crores through private placement on December 19, 2025. The Committee of Directors approved the allotment following coupon rate discovery through the Electronic Book Building Platform of BSE Limited on December 18, 2025.

Allotment Details and Coupon Rates

The company allotted 2,00,000 NCDs with a face value of ₹1,00,000 each, structured in two series with different coupon rates discovered through multiple yield allotment method. The NCDs are unsecured, senior, redeemable, rated, listed, taxable, non-cumulative non-convertible debentures offered to identified investors on private placement basis.

Issue Structure and Terms

The total issue size aggregates to ₹2,000 crores, with equal allocation between both series. The NCDs carry fixed rates and will be redeemed through bullet repayment at maturity. The allotment was made on the terms and conditions mentioned in the Placement Memorandum and other transaction documents.

Listing and Credit Quality

The NCDs are proposed to be listed on the Wholesale Debt Market Segment of BSE Limited. The debentures carry strong credit ratings of AA/Stable from both India Ratings and Research Private Limited and CRISIL Ratings Limited, indicating high credit quality and low credit risk for investors.

Regulatory Compliance

This allotment continues the company's previous intimation dated December 12, 2025, regarding the proposed issuance. The disclosure complies with Regulation 30 and 51 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. The issuance follows the multiple yield allotment method prescribed by BSE Limited and SEBI, with issue prices determined accordingly.

Tata Power , a leading Indian power company, has completed its third installment of ₹64 crore towards its strategic investment in Bhutan's Khorlochhu Hydro Power Limited (KHPL). This latest tranche is part of a larger ₹830 crore deal to acquire a 40% stake in the Bhutanese hydropower project, marking continued progress in the company's clean energy expansion strategy.

Latest Investment Update

The company has now invested a total of ₹184 crore across three tranches in the 600 MW hydropower project. The latest investment details are:

Transaction Progress

This investment represents the third installment following previous tranches disclosed in August 2024, October 2024, July 2025, and November 2025. The Share Purchase Agreement has been executed between Tata Power, the existing shareholder of KHPL, and KHPL itself. The remaining investment tranches are expected to be completed over the stipulated five-year period.

Strategic Significance

The Khorlochhu Hydropower Project aligns with Tata Power's commitment to accelerating its transition towards clean and green energy. This 600 MW project represents a significant addition to the company's renewable energy portfolio and strengthens its position in the hydropower sector.

Regulatory Framework

The transaction has been structured in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has confirmed that this investment does not fall under related party transactions, and no Indian governmental or regulatory approvals were required for this acquisition. KHPL has become an associate company of Tata Power following the investment.

Project Entity Details

KHPL, incorporated on June 12, 2015, had a net worth of Nu. 6,080 million (approximately ₹608.00 crore) as of December 31, 2024. The company continues to develop this significant hydropower project in Bhutan as part of the broader regional clean energy infrastructure development.

This strategic investment demonstrates Tata Power's continued commitment to expanding its clean energy footprint and contributing to sustainable power generation in the region.