World's sixth largest steel maker Tata Steel on Thursday said it has raised Rs 2,000 crore (Rs 20 billion) through private placement of rupee debentures as part of its long term financing plan.
"Tata Steel has raised Rs 2,000 crore (Rs 20 billion) including Green Shoe Option through private placement of redeemable non convertible rupee debentures," the company said in a filing to the Bombay Stock Exchange.
The issue, which closed on May 6, opened with an initial size of Rs 750 crore (Rs 7.5 billion) and the deemed date of allotment for the debentures was May 7.
An application has been made to list the debentures on the wholesale debt market segment of the National Stock Exchange, Tata Steel added. Each debenture carries a face value of Rs 10 lakh (Rs 1 million).
The debentures were assigned a rating of AAA (ind) by Fitch Ratings India Private Limited for the aggregate amount of Rs 2,000 crore (Rs 20 billion). The rating agency also affirmed the National issuer Rating of AAA (ind) for the company.
Shares of Tata Steel were trading at Rs 828.20, up 0.39 per cent on BSE in Thursday morning trade.
