Tata Steel raises Rs 510 cr via NCDs

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

"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 per cent, are proposed to be listed on the BSE's wholesale debt market segment.