Tata group retail arm Trent has raised Rs 100 crore from the market by issuing commercial papers to refinance its upcoming repayments. “The company has issued and alloted commercial paper of Rs 100 crore,” said Trent in a regulatory filing. The proceeds will be primarily used to refinance the upcoming repayments, it added.
According to the company, Credit Analysis and Research Ltd (CARE Ratings) has assigned ‘CARE A1’ to the commercial papers. The rating signifies very strong degree of safety with respect to timely payment of financial obligations.
“The instruments with rating CARE A1 are considered to have a strong degree of safety regarding timely payment of financial obligations,” said Trent. The stock of Trent was trading at Rs 245 on the BSE in the afternoon trade, down 0.47 per cent from its previous close.