Tata Group's financial services venture Tata Capital will enter the capital market on February 2 with a public issue of secured non-convertible debentures (NCDs) to raise Rs 500 crore.
NCDs will be floated with an option to retain over-subscription of up to Rs 1,000 crore and the company has in this regard filed a prospectus with the Registrar of Companies, Maharashtra, Tata Capital's Chief Financial Officer Govind Sanakar Narayanan told reporters here today.
The issue will open on February 2 and closes on February 24.
Tata Capital intended to expand the scale of operations, explore new distribution channels and increase reach to domestic and international customer, he said.
The focus was on expanding the scale of operations to smaller cities which the company believed presents attractive opportunities both in terms of clients and revenues, he said.
The company will offer 12 per cent interest rate per for the annual and cumulative interest payment options, he said.
