Tata Steel raises Rs 9000 crore via debt securities
Nidhi Jani / 21 Apr 2017
Tata Steel has received approval from its BoD for issuing debt securities worth upto Rs 9000 crore. This raised money will be employed to meet working capital requirements, re-financing existing debt and general corporate purposes.
Tata Steel has received approval from its BoD for issuing debt securities worth upto Rs 9000 crore. This raised money will be employed to meet working capital requirements, re-financing existing debt and general corporate purposes.
The issue will be in form of NCDs, on a private placement basis or foreign currency or rupee-denominated bonds, or in a combination, in one or more tranches. The board of directors also authorised the Finance Committee of the board to determine and approve the timing and terms of such issue of securities.
Recently company has divested certain overseas assets to cut its losses, as it is reporting losses since last two years. Company is having debt of Rs 82775 crore as on Sepetember 30, 2016. It is having very high D/E of 4.9x in FY16, and it is expected to continue the same in FY19 also.
Tata Steel, part of Tata Group is an Indian steel manufacturing multinational company, having annual capacity of 29MT. Its operations are spread across 26 countries.
In today's trade, stocks of Tata Steel opened at Rs 460, compared to its previous close of Rs 454.4, and touched intraday low of Rs 453.
At 12:13 p.m., it was trading at Rs 455.8 on NSE.
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