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Coastal Gujarat Power looks to raise Rs 1,300 crore via bond sale

Coastal Gujarat Power, a wholly-owned subsidiary of Tata PowerNSE -0.30 %, is looking to raise up to Rs 1,300 crore in a bond sale as it seeks to refinance existing offshore loans. The bonds are backed by the parent company to provide comfort to investors and better pricing. Such papers are expected to yield about 9.15 per cent across one, two and three-year maturities, two people with direct knowledge of the matter told ET. The final pricing has not yet been fixed. The base size of the proposed issue is Rs 600 crore with an option to retain oversubscription of Rs 700 crore. An email query sent to Tata Power remained unanswered until publication of this report. “The deal is not yet sealed as the company is negotiating with bond arrangers,” .....

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