Tata Steel’s committee of directors has approved raising Rs 670 crore through issuance of debentures, the company said on Friday.
“The committee of directors has today approved allotment of 6,700…unsecured, redeemable, rated, listed non-convertible debentures (NCDs) having face value of Rs 10,00,000 each for cash aggregating to Rs 670 crore, to identified investors on private placement basis,” the company said in a BSE filing.
The filing further said that the NCDs are proposed to be listed on the wholesale debt market segment of the BSE.
At 1.15 pm on Friday Tata Steel’s shares were trading 7.81 per cent up at Rs 309.20, on the BSE and on the NSE, it was around Rs 309.
(With input from agencies)