LIC increases stake in Tata Power, firm to issue ₹2,000 crore NCDs

On December 12, 2025, Life Insurance Corporation of India (LIC) announced a substantial acquisition of shares in Tata Power Company Limited, increasing its holding from 4.995% to 5.009% of the total share/voting capital. The market purchase occurred on December 11, 2025, and involved 4,50,000 convertible securities carrying voting rights. This resulted in a total post-acquisition holding of 16,00,63,645.00 shares. The disclosure was made under Regulation 29(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Concurrently, Tata Power announced its intention to issue 2,00,000 unsecured, senior, redeemable, rated, taxable, non-cumulative non-convertible debentures (NCDs) via private placement. These NCDs, each with a face value of ₹1,00,000, will aggregate to ₹2,000 crore and are proposed to be listed on the Debt Segment of the Bombay Stock Exchange (BSE).

The NCDs will have a deemed allotment date of December 19, 2025, with two series: Series I maturing in 3 years and Series II in 5 years from the allotment date. Coupon/interest will be offered on a fixed rate basis through bidding on the Electronic Bidding Platform (EBP) of BSE. The instruments have existing credit ratings of "AA+/Stable" by India Ratings and Research Private Limited and CRISIL Ratings Limited.