Tata Steel gets committee of directors' nod to raise Rs 670 cr via NCDs

Tata Steel on Friday said its committee of directors has approved raising Rs 670 crore through issuance of debentures.

"The committee of directors has today approved allotment of 6,700...unsecured, redeemable, rated, listed non-convertible debentures (NCDs) having face value of Rs 10,00,000 each for cash aggregating to Rs 670 crore, to identified investors on private placement basis," the company said in a BSE filing.

The NCDs are proposed to be listed on the wholesale debt market segment of the BSE, it added.

Tata Steel stock was trading at Rs 295, up 2.86 per cent, on the BSE.