MUMBAI: Tata Power will restart a 15 billion rupee ($271.32 million) bond sale as the company is hoping for lower pricing and is also considering introducing a hybrid bond, three sources with direct knowledge of the deal said on Thursday. Tata is asking for new bids from banks after deciding not to proceed with the ones it received when the power producer first sought bids in July for the sale of perpetual bonds with a call option at the end of the tenth year. Bids have been invited for Friday and the pay-in is scheduled on Aug. 16-20, the sources added. The company is considering either sticking to its perpetual bonds or introducing 60-year hybrid bonds structured with a call option at the end of 10th year and a step-up if the call is not exercised, the sources said. The hybrid defined maturity bond, if launched, would be the first ever with such a structure in the Indian rupee bond market, said bankers. A Tata Power official declined to comment or confirm the details behind the deal. The request for new bids comes after the company posted a 66 percent fall in first-quarter net profit on Wednesday. Last month, Standard & Poor downgraded the outlook for the firm to 'negative' from 'stable' citing the company's limited ability to arrange funds for a 4000 megawatt project in the western state of Gujarat.

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