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Tata Communications may raise up to Rs 650 crore via bonds

The company informed the stock exchanges on April 13 that using the Green Shoe Option, Tata Communication has been planning to raise a good amount of Rs 500 crore Non-Convertible Debentures (NCDs) and another of around Rs 150 crore.

The telecom arm of Tata Group said the proposal would be raising some funds and it will be discussed in the upcoming meet which will be held on April 15 as per one of the press release.

The company said that a meeting would be conducted by the Board of Directors of Tata Communication Limited on this Wednesday. The meeting would take place with the help of video conferencing. The meeting would have discussion on important aspects such as approving of fundraising by way of private placement of Rated, Secured, Listed, Redeemable Non-Convertible Debentures (NCDs) for a corpus of Rs 500 crore and Green Shoe Option of Rs 150 crore  would be provided as per the decision of the committee members of Boards.

In the previous week, one of the stakes was purchased by the East Bridge Capital Master Fund and the University Of Notre Dame in the telecom company.

44 lakh was picked up by East Bridge Capital Master Fund I Ltd and University of Notre Dame DU LAC and in Tata Communications around 15 lakh shares respectively.  The individual price of share was around Rs 235, with the total value of the deal at Rs 138.69 crore.

On the same day, in a different trasnsaction, the fund manager Fidelity had offloaded more than around 78 lakh of share with the open market transactions.

With rise as 42.3 percent, the shares of Tata Communications have remained on a three-week of winning streak.

On April 13, on BSE the shares of Tata Communication have closed 15.14 percent higher at Rs 331.20 per piece.

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