Tata Steel raises Rs 510 cr via non-convertible debentures on private placement basis

Tata Steel on Wednesday said its committee of directors has approved allotment of non-convertible debentures (NCDs) worth Rs 510 crore on a private placement basis

Press Trust of India April 22, 2020 16:07:32 IST
Tata Steel raises Rs 510 cr via non-convertible debentures on private placement basis

New Delhi: Tata Steel on Wednesday said its committee of directors has approved allotment of non-convertible debentures (NCDs) worth Rs 510 crore on a private placement basis.

Tata Steel raises Rs 510 cr via nonconvertible debentures on private placement basis

Representational image. Reuters.

"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 BSE filing.

The NCDs, which will carry an annual coupon rate of 7.85 percent, are proposed to be listed on the BSE's wholesale debt market segment.

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