Tata Steel to raise Rs 670 crore through Non-convertible debentures

India-based steel company Tata Steel has said that “Its committee of directors has approved the plan of raising Rs 670 crore through issuance of debentures.”

In a filing with the stock exchange, the company said, “The committee of directors has approved the 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 a private placement basis.”

Speaking on the listing of NCDs, the company in its statement said: “The NCDs are proposed to be listed on the wholesale debt market segment of the BSE.”