Tata Steel on Friday said its board has approved proposal to raise up to Rs 5,000 crore through issuance of non convertible debentures (NCDs) on private placement basis.
The funds will be primarily deployed towards repayment of debt and general corporate purposes.
"The Board of Directors at its meeting held today reviewed financing plan of the company and based on the review, approved issue of additional debt securities up to Rs 5,000 crore in the form of NCDs on private placement basis in one or more tranches (Issue)," Tata Steel Limited said in a BSE filing.
It also authorized a committee of directors to determine and approve the quantum, timing and terms and conditions of the NCDs.