Tata Steel on Wednesday said its committee of directors has approved allotment of non convertible debentures (NCDs) worth ₹510 crore on private placement basis.
“The committee of directors has today approved allotment of 5,100 unsecured, redeemable, rated, listed NCDs having face value of ₹10,00,000 each for cash aggregating to ₹510 crore, to identified investor on private placement basis,” Tata Steel said in a BSE filing.
The NCDs, which will carry an annual coupon rate of 7.85 per cent, are proposed to be listed on the BSE’s wholesale debt market segment.