Tata Steel raises $242 mn in overseas bonds

The 10-year unsecured noties will carry a coupon rate of 4.95% and will be due in 2023

Steel major Tata Steel said today that it has raised $242 million (SGD 300 million, or Rs 1,316 crore) through a bond issue in Singapore.

The 10-year unsecured notes will carry a coupon rate of 4.95% and will be due in 2023.

The issuer was the company's Singapore arm but the bonds are backed by Tata Steel guarantee.

“The guarantee will be an unsecured obligation of Tata Steel and will rank pari passu with all its other existing and future unsecured obligations. The Notes will be listed on the Singapore Stock Exchange,” Tata Steel said in a BSE filing.

Shares of Tata Steel were trading 2.26% lower at Rs 305.50 on BSE.