Tata Steel said that its board has approved the issue of 20,000 fixed-rate, unsecured, redeemable, rated, listed, non-convertible debentures (NCDs) of face value Rs 10 lakh each, aggregating to Rs 2,000 crore on a private placement basis.
The NCDs would be issued in two different series. Series-1 Debenture will comprise of 5,000 NCDs of face value Rs 10 lakh each aggregating Rs 500 crore. Series-2 Debenture will comprise of 15,000 NCDs of face value Rs 10 lakh each aggregating Rs 1,500 crore.
The NCDs would be listed on the wholesale debt market segment of BSE.
The allotment date of both group of NCDs is 20 September 2022. While the maturity date of Series-1 Debenture is 20 September 2027, that of Series-2 Debenture is 20 September 2032.
The NCDs have been rated AA+ by India Ratings and Research and CARE Ratings.
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Tata Steel Group is among the top global steel companies with an annual crude steel capacity of 34 million tons per annum.
On a consolidated basis, the steel major's net profit dropped 21% to Rs 7,714 crore on 18.8% increase in net sales to Rs 63128.32 crore in Q1 FY23 over Q1 FY22.
The scrip fell 1.33% to currently trade at Rs 107.65 on the BSE.
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