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Tata Steel Limited raises Rs. 2,000 Crores (including Green Shoe Option) through a Private Placement of Redeemable Non Convertible Rupee Debentures
As part of the long term financing plan of Tata Steel Limited (the "Company"), the Company today announced that it has raised Rs. 2,000 Crores (Rs. 20 Billion), including Green Shoe Option, through a Private Placement of Redeemable Non Convertible Rupee Debentures (the "NCDs"). The issue opened with an initial size of Rs. 750 Crores (Rs. 7.5 Billion) on 5th and closed on 6th of May '08. The deemed date of allotment for the NCDs is 7th May '08.
The issue consists of 3 series including a 7 year maturity fixed rate series (Rs. 620 Crores or Rs. 6.2 Billion), a 3 year maturity floating rate series (Rs. 1,090 Crores or Rs. 10.9 Billion) and a 3 year maturity fixed rate series (Rs. 290 Crores or Rs. 2.9 Billion).
The NCDs were assigned a rating of AAA(ind) by Fitch Ratings India Private Limited for the aggregate amount of Rs. 2,000 Crores (Rs. 20 Billion). The rating agency also affirmed the National Issuer Rating of AAA (ind) for the Company.
An application has been made to list the NCDs on the Wholesale Debt Market segment of the National Stock Exchange (NSE). Each debenture carries a face value of Rs. 10 Lakhs and is being issued at par.
| For investor enquiries contact: | For media enquiries contact |
| Sandip Biswas Tel : + 91 22 6665 7328 sbiswas@tata.com |
Sanjay Choudhry Tel : + 91 657 243 1142 sanjay.choudhry@tatasteel.com |
| Praveen Sood Tel: + 91 22 6665 7306 p.sood@tatasteel.com |
Milind Rege Tel: +91 22 6665 7293 mdrege@tata.com |