Tata Steel raises over Rs. 8,000 crore in bonds
Tata Steel on Friday announced raising US$1.3 billion or approx Rs. 8,282 crore through an issuance of unsecured bonds in the international markets.
The company will use the proceeds of the bonds to refinance the offshore obligations of the company. This is expected to help Tata Steel to de-risk the balance sheet, enhance financial flexibility, diversify the investor base and improve the overall debt maturity profile of the company.The bonds are rated 'BB-' by S&P and will be listed on the Singapore Exchange.
Tata Steel has also launched two new products namely, Tata Aggreto and Tata Nirman, which are India's first branded LD slag products having application in road, fly ash brick and clinker making. This is also the first time that a domestic steel major in branding processed steel slag.
At 14:13 hrs, Tata Steel was trading at Rs. 748.85 per share, down Rs. 2.90 or 0.39 per cent on NSE. The scrip opened at Rs. 752.50 and touched a high of Rs. 762.00 and a low Rs. 742.50 per share on NSE. The stock is trading 5.4 per cent lower than its 52-week high of Rs. 793. The stock attracted a traded volume of 25,06,237 shares on NSE.