Tata Steel slips despite IFC financing

DALAL STREET SPIKES

Tata Steel ended 1 per cent lower despite it announcing about availing $300 million loan from International Finance Corporation (IFC), the private sector lending arm of the World Bank.

The stock after hitting the day's high of Rs 341.60 slipped to end 1.03 per cent lower at Rs 334.40. More than 20,63,000 shares were traded at the counter on BSE today.

The company today said that under the agreement IFC will provide the company with a loan of $300 million, which consists of an A-loan of $100 million directly and a syndicated B-loan of $200 million.

The B-loan will he underwritten by Bank of America NA, Calyon, Hongkong & Shanghai Banking Corporation Ltd and Standard Chartered Bank.

Market analysts said, the IFC loan will help the company to finance its future projects by way of long-term funding.