New Delhi: Country's largest private power producer Tata Power on Wednesday launched debentures worth Rs 1500 crore to secure long-term funding for its projects.

"Tata Power has launched an offering of perpetual debentures of Rs 1,500 crore. The Mandated Joint Lead Arrangers for the issuance are Standard Chartered Bank and Yes Bank Limited," the company said in a statement.

"This innovative long-term funding with equity features but without the associated economic dilution helps to diversify our financing options," Tata Power Executive Director-Finance S Ramakrishnan said.

The unique features of the debentures are that they are perpetual in nature with no maturity or redemption and are callable only at the option of the company.

(Agencies)