Tata Steel board approves plans to raise up to Rs 5,000 cr through issuance of non-convertible debentures

New Delhi: Tata Steel on Tuesday said its board has approved plans to raise Rs 4,000 crore through issuance of non-convertible debentures on a private placement basis. In addition, the company’s board also approved a greenshoe option of Rs 1,000 crore, the company said in a regulatory filing. [caption id=“attachment_3271838” align=“alignleft” width=“380”] Tata Steel logo. Representational image. Reuters.[/caption] The committee of directors approved the issuance of “40,000 NCDs of face value Rs 10,00,000 each aggregating to Rs 4,000 crore plus a greenshoe option of up to Rs 1,000 crore,” the company said. The securities would be “unsecured, redeemable, rated, listed, non-convertible debentures (NCDs)” to be issued on a private placement basis, it said. The date of allotment has been fixed as 1 March, 2019, while the date of maturity would be 1 March, 2034, it said. Shares of the company today ended 0.14 percent down at Rs 504.15 apiece on BSE. Tata Steel is among the top global steel companies with an annual crude steel capacity of 33 million tonnes per annum (MTPA). It is one of the world’s most geographically diversified steel producers.