Tata Steel has raised Rs 2,000 crore through a private placement of redeemable non-convertible debentures (NCDs), including the exercise of the green shoe option.
According to a company statement, the issue, opened with an initial size of Rs 750 crore, was closed on May 6. The deemed date of allotment for the debentures, each having a face value of Rs 10 lakh, was May 7, 2008.
The three-series issue comprises of a seven-year maturity fixed rate (Rs 620 crore), a three-year maturity floating rate (Rs 1,090 crore) and a three-year maturity fixed rate (Rs 290 crore) series.
The NCDs have been assigned an AAA rating by Fitch Ratings India Pvt Ltd for the aggregate amount of Rs 2,000 crore. It has also affirmed a national issuer rating of AAA (ind) for the company.
Tata Steel has also applied to list the NCDs on the National Stock Exchange’s wholesale debt market.
