Tata Steel to raise Rs 400 cr

Tata Steel on Wednesday said its committee of directors has approved raising Rs 400 crore through a debt issue. In a filing to the BSE, the company said the committee approved allotment of 4,000 non-convertible debentures having face value of Rs 10 lakh each on private placement basis to identified investors.

"The committee of directors has today (Wednesday) approved allotment of 4,000 – 8.08 per cent per annum unsecured, rated, listed, redeemable, floating coupon, non-convertible debentures (NCDs) of face value Rs 10,00,000 each, for cash aggregating to Rs 400 crore, to identified investors on private placement basis...," Tata Steel said. The NCDs are proposed to be listed on the Wholesale Debt Market (WDM) Segment of BSE Limited.

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