Tata Steel would issue NCDs to raise Rs2,000 crore

15 Sep 2022 , 11:13 AM

On Wednesday, Tata Steel said that it will issue non-convertible debentures in a private placement to raise Rs2,000 crore.

The steel giant reported that its committee of directors, which was established by the board of directors on September 14, had approved the issuance of debt instruments in the form of NCDs. Tata Steel stated that the issue is split into two series. 5,000 NCDs with a face value of Rs10,00,000 each would be issued in series one to raise a total of Rs500 crore. The date of allotment for first series is September 20, 2022 and its date of maturity is September 20, 2027.

The first series will be issued on September 20, 2022, and it will mature on September 20, 2027. While the second series would involve the issuance of 15,000 NCDs with a face value of Rs10,00,000 apiece to raise an additional Rs1,500 crore. Its maturity date is September 20, 2032, and its allocation date is September 20, 2022.

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