Tata Steel raises Rs 2,000cr via NCDs
Business Standard — May 8, 2008

Tata Steel today said it has raised Rs 2,000 crore, including green shoe option, through a private placement of Redeemable Non Convertable Rupee Debuntures (NCD), as part of its long term financing plan.

The issue opened with an initial size of Rs 750 crore and closed on May 6, 2008, the company informed the stock exchanges.

The issue consists of three series, including a seven-year maturity fixed rate series for Rs 620 crore, a three-year maturity floating rate series for Rs 1,090 crore and a three-year maturity fixed rate series for Rs 290 crore.

As part of its efforts to ensure raw material security, Tata Steel along with Brazilian mining giant Vale and other joint venture partners, is undertaking a massive expansion of the Carborough Downs coal mine near Moranbah in Central Queensland, Australia, for an investment of $379.41
million (about Rs 1,555 crore).