The steel major on Monday (27 February) announced that committee of directors of the board approved the allotment of non convertible debentures (NCDs) worth Rs 2,150 crore on private placement basis.
The Committee of Directors (COD) on 27 February 2023, approved the allotment of 2,15,000 - 8.03% fixed rate, unsecured, redeemable, rated, listed, NCDs having face value Rs 1,00,000 each, for cash, aggregating to Rs 2,150 crore, for a tenor of 5 years, to identified investors on private placement basis.The coupon rate of the proposed NCDs was discovered at 8.03% on the basis of multiple yield allotment method through the Electronic Book Building Platform of BSE.
The NCDs are proposed to be listed on the wholesale debt market segment of BSE.
Tata Steel is among the most geographically diversified steel producers in the world and is one of the top global steel companies with an annual crude steel capacity of 34 million tonnes per annum and has operations and commercial presence across the world.
The company reported a consolidated net loss of Rs 2,502 crore in Q3 FY23 as against a net profit of Rs 9,598 crore in Q3 FY22. Total revenue from operations during the quarter amounted to Rs 57,084 crore, down 6% YoY.
Shares of Tata Steel were down 0.52% to Rs 105.55 on the BSE.
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