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Mumbai, May 8 Tata Steel has raised Rs 2,000 crore (including greenshoe option) through a private placement of redeemable non-convertible rupee debentures (NCD). A company statement said this was part of its long-term financing plan and that the issue opened with an initial size of Rs 750 crore on May 5 and closed on May 6. The deemed date of allotment was May 7.

The issue consists of three series, including a seven-year maturity fixed rate series of Rs 620 crore, a three-year maturity floating rate series of Rs 1,090 crore and a three-year maturity fixed rate series of Rs 290 crore.

Tata Steel said an application had been made to list the NCDs on the wholesale debt market segment of the NSE. Each debenture carries a face value of Rs 10 lakh and is being issued at par. The NCDs were assigned a rating of AAA(ind) by Fitch Ratings for the aggregate amount of Rs 2,000 crore.

More Stories on : Corporate Bonds | Steel | Tata Steel Ltd

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