Tata Steel raises Rs 1,000 crore via NCDs

Tata Steel on Thursday said it has raised Rs 1,000 crore through allotment of non-convertible debentures (NCDs) on private placement basis.

"The Committee of directors today approved allotment of 10,000 unsecured, rated, listed, redeemable, NCDs of face value Rs 10,00,000 each, for cash aggregating to Rs 1,000 crore, to identified investors on private placement basis..." the company said in a BSE filing. It said the issue consisted of two series -- Series A and Series B of 5,000 NCDs each. While Series A had a floating coupon rate of 7.85 per cent per annum, the other Series had a fixed coupon rate of 7.95 per cent.

An amount of Rs 500 crore was raised in each series.

The NCDs are proposed to be listed on the BSE's Wholesale Debt Market Segment. Shares of Tata Steel were trading at Rs 295 apiece, up 4.42 per cent on the BSE.