New Delhi, Jan 19 (PTI) Tata Steel has raised USD 1.3billion (approx Rs 8,282 crore) through issuance of unsecuredbonds in international markets.
"The issue comprises USD 300 million 4.45 per centunsecured bonds due on July 24, 2023 and USD 1 billion 5.45per cent unsecured bonds due on January 24, 2028 by AbjaInvestment Co Pte Ltd, a wholly-owned subsidiary of Tata Steelincorporated in Singapore," Tata Steel said a regulatoryfiling.
Tata Steel ED and CFO Koushik Chatterjee said proceeds ofthe bonds will be "used to refinance the offshore obligationsof the Group, which will help de-risk the balance sheet,enhance financial flexibility, diversify the investor base andimprove the overall debt maturity profile".
The bonds are rated 'BB-' by S&P and will be listed onthe Singapore Exchange (SGX).
Shares of Tata Steel were trading 0.08 per cent up at Rs752.45 on BSE. PTI SVKANU.
This is unedited, unformatted feed from the Press Trust of India wire.