Tata Steel To raise Rs 510 cr through NCDs
New Delhi: Tata Steel will raise Rs 510 crore though issuance of non-convertible debentures (NCDs). Company’s committee of directors has approved the allotment of NCDs worth Rs 510 crore on private placement basis.
These NCDs will be unsecured, redeemable, rated and listed. They will have a annual coupon rate of 7.85 percent.
"The committee of directors has today approved allotment of 5,100 unsecured, redeemable, rated, listed NCDs having face value of Rs 10,00,000 each for cash aggregating to Rs 510 crore, to identified investor on private placement basis," Tata Steel said in a regulatory filing.
These NCDs are proposed to be listed on BSE's wholesale debt market segment.