Tata Steel has raised ₹500 crore through issue of non-convertible debenture through private placement.
The committee of directors on Wednesday approved allotment of 5,100 – 7.85 per cent unsecured, redeemable, rated, listed non-convertible debentures having face value of ₹10 lakh each for cash aggregating to ₹510 crore, to identified investor on private placement basis on terms and conditions as mentioned in the information memorandum for the issue, said the company.
The NCDs are proposed to be listed on the wholesale debt market segment of BSE, it added.
The company has announced plans to conserve cash as the business environment turned challenging with the ongoing lockdown depressing steel demand.