Tata Steel raises Rs2,000 crore through NCD issue

21 Sep 2022 , 09:17 AM

Tata Steel Limited has informed that the Committee of Directors, on September 20, 2022, approved the allotment of 20,000 — Fixed rate, Unsecured, Redeemable, Rated, Listed, Non-Convertible Debentures having face value Rs10,00,000/- each, for cash, aggregating to Rs2,000 crore, to identified investors on private placement basis, on the terms and conditions as mentioned in the Placement Memorandum for the said Issue.

The issue comprises of two series:

A. Series 1 Debenture: 5,000 NCDs amounting to Rs500 crore with 7.50% p.a. fixed coupon rate
B. Series 2 Debenture: 15,000 NCDs amounting to Rs1,500 crore with 7.76% p.a. fixed coupon rate

The NCDs are proposed to be listed on the Wholesale Debt Market (WDM) Segment of BSE Limited, the company said in a filing.

At around 9:17 AM, Tata Steel Ltd is currently trading at Rs106.50 per share up by Rs0.65 or 0.61% from its previous closing of Rs105.85 per share on the BSE.

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