Tata Steel garners $500 Mn through NCDs
Mumbai: India's metal major Tata Steel Ltd has raised Rs.20 billion ($500 million) through private placement of redeemable non-convertible debentures (NCDs) as part of its long-term financing plans.
The NCD issue opened Monday with an initial size of Rs.7.5 billion and closed the next day. The deemed date of allotment for the NCDs, each with a face value of Rs.1 million issue at par, was Wednesday.
The issue consists of three series, including a seven-year maturity fixed rate series of Rs.6.2 billion, a three-year maturity floating rate series of Rs.10.9 billion and a three-year maturity fixed rate series of Rs.2.9 billion, the company said here Thursday.
The NCDs were assigned the AAA rating by Fitch Ratings India.
IANS
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