Tata Steel to raise Rs 2,700 cr via NCDs

The steel major announced that its board has approved fund raising of Rs 2,700 crore by issuing non-convertible debentures (NCDs) on private placement basis.

The company will issue a total of 2,70,000 fixed rate, unsecured, redeemable, rated, listed, NCDs, of a face value of Rs 1 lakh each aggregating to Rs 2,700 crore.

The date of allotment is 27 March 2024, and the date of maturity is 26 March 2027.

The NCDs are proposed to be listed on the wholesale debt market (WDM) segment of BSE.

Meanwhile, Tata Steel UK has decided to cease operations of the coke ovens at the Port Talbot plant in Wales, following a deterioration of operational stability. Tata Steel UK will increase imports of coke to offset the impact of the coke oven closures, said the firm.

Tata Steel Group is among the top global steel companies with an annual crude steel capacity of 35 million tons per annum.

Tata Steel reported net profit to Rs 522.14 crore in Q3 FY24 as against net loss of Rs 2,501.95 crore posted in Q3 FY23. Revenue from operations fell 3.1% to Rs 55,311.88 crore in Q2 FY24 as compared with Rs 57083.56 crore in Q3 FY23.

The scrip rose 0.03% to trade at Rs 149.65 on the BSE.

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