Essar Power raises Rs 1,000 crore via rupee bonds
Essar Power has raised Rs 1,000 crore in debt, via rupee denominated bond offering. This is the third bond issue that the company did this year, and will use it to retire some of its debt. This latest tranche of 11-year bonds will be repaid from 2017 to 2024, and will be listed on the Bombay Stock Exchange. In July, Essar raised Rs 750 crore, and Rs 629 crore in May this year. The company has a target to raise as much Rs 5,000 crore via bonds, and is half way through it.
In the last financial year, Essar Power completed work on many of its power projects. It currently has an operational capacity of 3,910 megawatts. "Work is progressing on further projects," Essar said. It has plans to increase its operational power capacity to 6,700 MW.