Tata Tea has refinanced the outstanding debt amounting to 171 million pounds in Tata Tea (GB) Ltd, a subsidiary of the former.
The outstanding debt comprises 114 million pounds of senior debt, 49 million pounds of mezzanine debt and eight million pounds of secured loan stock debt, the weighted average interest cost of which is approximately 10.22 per cent per annum.
Tata Tea (GB) has now raised a fresh debt for a value of 174 million pounds of senior debt. The weighted average interest cost of the new debt raised by the company averages approximately 6.70 per cent per annum, effecting savings by approximately six million pound per annum.
Reliance Capital has proposed issuance of preference shares of Rs 100/- each at a premium of Rs 7,900/- preference share on a private placement basis, for an aggregate value of Rs 10 crore, inter alia, for augmenting resources for corporate purposes.
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