Tata Engg Raises 3-Yr Money At 7.70%, 5-Yr At 7.15%
Tata Engineering has raised Rs 50 crore three-year money from the debenture market at 7.70 per cent.
It has also raised another Rs 50 crore five-year floating rate debenture at 7.15 per cent. For a double AA rated company, this is possibly the finest rate in the bond market. The Tata Engineering issue was rated LAA- by rating agency Icra. DSP Merrill Lynch was the lead arranger of the issue.
The Tata Engineering issue was divided into two parts