MUMBAI: ICRA, a leading rating agency, has assigned an LAAA rating to the Rs 500 crore bonds programme of Tata Electric Companies (TEC). The rating indicates the highest safety. The company is raising these funds to finance its long term capital expenditure projects.

TEC is planning to put up a 500 MW multi-fuel plant near Mumbai to meet the demand growth in Mumbai. The project is still awaiting clearance from the Maharshtra State Electricity Board (MSEB). The companies plan to set up a fuel jetty, which will reduce their fuel transportation costs and increase fuel supply reliability. The companies are also diversifying into captive power generation for various corporates. additionally, they have a power purchase agreement (PPA) with Karnataka State Electricity Board (KSEB) for setting up an independent power project in the state.

Sebi ban

MUMBAI: The Securities and Exchange Board of India (SEBI) has suspended the certification of registration of six merchantbankers on account of failure to pay annual registration fees.

The six merchant bankers, Premium International Finance Ltd, Realgrowth Financial Services Ltd, Pegasus Capital and Allied Services Ltd, Right Corporate Services Ltd, Usher Financials (P) Ltd and Pearl Corporate Financial Services (P) Ltd, have been suspended with effect from July 27, SEBI said.