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Tata Power launches $250 mln fx convertible bonds

Fri Nov 6, 2009 3:49am EST

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MUMBAI, Nov 6 (Reuters) - Indian utility Tata Power Company (TTPW.BO) said on Friday it had started selling at least $250 million of foreign currency convertible bonds.

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The bonds mature in five years and a day and have a yield to maturity of 3.5 percent, on a semi-annual basis, the company told the stock exchange.

The bonds are expected to be listed on the Singapore Stock Exchange and are convertible at a 10 percent premium over 1,323.75 rupees (TTPW.NS) at Thursday's close on India's National Stock Exchange.

Nomura is the sole underwriter and book runner to the offering, which has a greenshoe option of $50 million. (Reporting by Jeanette Rodrigues; Editing by Ranjit Gangadharan)

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