Tata Steel Ltd.

Tata Steel’s board has approved proposal to raise up to Rs 5,000 crore through issuance of non convertible debentures (NCDs) on private placement basis. The funds will be primarily deployed towards repayment of debt and general corporate purposes. The Board of Directors of the company at its meeting held on April 24, 2020 has approved the same.

Further, the Board also authorized a Committee of Directors to determine and approve the quantum, timing and terms & conditions of the NCDs. The said issue is in addition to the limit of debt securities up to Rs 12,000 crore, approved by the Board earlier, at its meeting held on August 13, 2018.

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.