Tata Steel has received an approval for issue of debt securities of up to Rs 9,000 crore in the form either of Non-Convertible Debentures on private placement basis or Foreign Currency or Rupee Denominated Bonds or a combination thereof in one or more tranches. The board of directors at its meeting held on April 20, 2017 has approved for the same.
The funds will primarily be deployed towards re-financing the existing debt, capex/working capital requirements and general corporate purposes. The Board of Directors also authorized the Finance Committee of the Board to determine and approve the timing and terms of such issue of securities.
Tata Steel, the flagship company of the Tata group is the first integrated steel plant in Asia and is now the world’s second most geographically diversified steel producer and a Fortune 500 Company.