The top Indian Steel industry company, Tata Steel has today filed at Bombay Stock Exchange (BSE) for selling off its 10,000 Non-convertible Debentures (NCDs) after the decision was approved by its Committee of Directors. The total liquidity value of these non-convertible Debentures is Rs.1,000 crore which Tata Steel wants to sell for the purpose of fundraising.
These Non-Convertible Debentures are 8.25 percent unsecured, rated, listed and redeemable and each worth Rs.10 lakh. Tata Steel asked BSE to list these NCDs on Wholesale Debt Market for selling off to identified investors on a private placement basis. In April, Tata Industry has also raised Rs. 510 crore via its NCDs.
On 20 May, Mukesh Ambani led Reliance Industries Limited (RIL), one of India’s topmost companies has also opened selling of the subscription to its Rights Issue on stocks to its stockholders for raising funds for paying various kinds of debt of the company and deleverage its balance sheets.