Tata Steel Ltd (TSL) on Monday said it has approved a proposal to raise up to Rs 7,000 crore through non-convertible debentures (NCDs).
In a BSE filing, TSL said the committee of directors, constituted by the board, has approved the proposal of issue of unsecured, redeemable, listed, rated non-convertible debentures aggregating up to Rs 7,000 crore.
On the terms and conditions, the company said it will be issued on a private placement basis to all eligible investors.
It said up to 70,000 NCDs of a face value of Rs 10 lakh each aggregating up to Rs 7,000 crore will be issued in one or more issues.
According to the filing, the first issue that comprises up to Rs 1,000 crore along with a green shoe option to raise another to Rs 1,000 crore will be allotted on April 17.
"Subsequent issuances of NCDs will have different base size, with or without green shoe option," it said.
The NCDs will be listed and traded on the BSE's wholesale debt market segment.