The revived popularity of perpetual bonds is extending into India as Tata Power takes another step forward in its plans for the undated instrument.
It is heard sounding the market for rupee-denominated perpetual bonds, and, said bankers aware of the company’s plans, the issue might have a call option at the end of the 10th year.
This structure is the most common in the Indian market and usually issuers includes a step-up in the event the call is not exercised.