Tata Steel advanced 1.25% to Rs 113.75 after the company's board approved the issue of non-convertible debentures (NCDs) aggregating to Rs 2,150 crore on private placement basis.
The fixed rate, unsecured, redeemable, rated, listed NCDs having face value of Rs 1 lakh each aggregating to Rs 2,150 crore, will be allotted on 27 February 2023 and will mature on 25 February 2028.The debentures are proposed to be listed on Wholesale Debt Market Segment of Bombay Stock Exchange (BSE).
The NCDs received credit rating of 'AA+' by India Ratings and Research (India Ratings) and 'AA+' by CARE Ratings.
Tata Steel is among the most geographically diversified steel producers in the world and is one of the top global steel companies with an annual crude steel capacity of 34 million tonnes per annum and has operations and commercial presence across the world.
The company reported a consolidated net loss of Rs 2,502 crore in Q3 FY23 as against a net profit of Rs 9,598 crore in Q3 FY22. Total revenue from operations during the quarter amounted to Rs 57,084 crore, down 6% YoY.
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