Team Blitz India
TATA Steel board has approved raising of Rs 2,700 crore via issue of non-convertible debentures (NCDs). The NCDs will be allotted on March 27 on a private placement basis. As per the regulatory filing, 2,70,000 NCDs will be issued with face value of Rs 1 lakh each.
This would be the steel major’s third NCD issue in last one and half years, In February 2023, its board had approved raising Rs 2150 crore via NCDs and in September 2022, it raised another Rs 2000 crore through NCDs.
Tata Steel group is among the top global steel companies with an annual crude steel capacity of 35 million tonne per annum. It is among the most geographically diversified steel producers. It has presence all across the world, both in terms of operations and commercial dealings. Its FY23 turnover stands at $30.3 billion on a consolidated basis.
The company in a regulatory filing on March 18 had announced that Tata Steel UK has decided to stop operations of coke ovens at the Port Talbot plant, in Wales after a deterioration of operational stability. Tata Steel UK had added that it will increase imports of coke to offset the impact of the coke oven closures.
