Tata Power said its board recently approved a proposal to raise up to 5,500 crores through the issuance of non-convertible debentures.

"Board has approved issuance in one or more tranches, of non-cumulative, redeemable, taxable, listed, rated securities in the form of Non-Convertible Debentures (NCDs) up to an aggregate amount not exceeding Rs 5,500 crore," it said in a BSE filing.

Tata Power Limited is an Indian electric utility company based in Mumbai, Maharashtra, India, and is part of the Tata Group. The core business of the company is to generate, transmit and distribute electricity.

The NCDs can be issued on a private placement basis to any persons, entities, companies, banks, and financial institutions.
The funds so raised will be utilized for refinancing of existing loans, among others, it stated