Tata Chemicals board allots NCDs worth Rs 1,700 cr

Tata Chemicals has informed that the internal committee constituted by its board has approved the allotment of 1,70,000 non-convertible debentures (NCDs) aggregating to Rs 1,700 crore, on private placement basis.

These listed, unsecured, rated, redeemable, taxable, non-cumulative, non-convertible debentures have a face value of Rs 1 lakh each, aggregating to Rs 1,700 crore, for a tenor of 3 years.

The NCDs have a fixed coupon rate of 7.81% and have been issued based on multiple yield allotment method. The NCDs will be listed on the Debt segment of National Stock Exchange of India (NSE).

Tata Chemicals is a leading supplier of choice to Glass, Detergent, Industrial and Chemical sectors. The company has a strong position in the crop protection business through its subsidiary company, Rallis India.

The chemical makers consolidated net profit from continuing operations declined 69.72% to Rs 175 crore in Q1 FY25 as compared to Rs 578 crore posted in Q1 FY24. The companys revenue from operations fell 10.17% year-on-year (YoY) to Rs 3,789 crore for the quarter ended 30 June 2024.

The scrip rose 0.66% to Rs 1059.75 on the BSE.

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