Tata Steel Board Approves Plan To Raise Up To Rs 5,000 Crore
Tata Steel Ltd. said its board has approved plans to raise Rs 4,000 crore through issuance of non-convertible debentures on a private placement basis.
In addition, the company's board also approved a greenshoe option of Rs 1,000 crore, the company said in a regulatory filing.
The committee of directors approved issuance of "40,000 non-convertible debentures of face value Rs 10 lakh each aggregating to Rs 4,000 crore, plus a greenshoe option of up to Rs 1,000 crore," the company said.
The date of allotment has been fixed as March 1, 2019, while the date of maturity would be March 1, 2034, it said.
The securities would be “unsecured, redeemable, rated, listed, NCDs” to be issued on a private placement basis, it said.
Shares of the company today ended 0.14 percent down at Rs 504.15 apiece on BSE.
Tata Steel is among the top global steel companies with an annual crude steel capacity of 33 million tonnes per annum. It is one of the world’s most geographically-diversified steel producers.