29 Sep 2016 14:08
September 29, 2016
London Stock Exchange London |
Dear Sirs/Madam,
Re: Outcome of the Meeting - Issue of Unsecured, Redeemable, Listed, Rated
Non-Convertible Debentures aggregating Rs. 1,000 crore
The Committee of Directors (constituted by the Board), at the meeting held today i.e. September 29, 2016 between 4.00 p.m. and 6.00 p.m. approved issue of debt securities as per the terms mentioned below:
Terms of issue:
Type of securities proposed to be issued | Unsecured, Redeemable, Rated, Listed, Non-Convertible Debentures (NCDs) |
Type of Issuance | Private Placement to all eligible investors |
Total numbers of securities to be issued | 10,000 NCDs |
Face Value | Rs.10,00,000 each |
Size of the Issue | Rs.1,000 crore |
Listing of securities | Wholesale Debt Market Segment of BSE Limited |
Tenure | 10 years |
Date of allotment | To be decided |
Date of maturity | 10 years from the deemed date of allotment |
Coupon/Interest and schedule of payment | Fixed rate NCDs with annual coupon payment. |
Redemption of debentures | Bullet |
Charge/Security, if any, created over the assets | Nil. The NCDs are unsecured. |
Rating | AA+ (Double A Plus) by Credit Analysis & Research Limited (CARE) and Brickwork Rating India Private Limited |
i. Special rights/interest/privileges attached to the instrument and changes thereof - None
ii. Delay in payment of Interest/principal amount for a period of more than 3 months from the due date or default in payment or interest/principal - Not applicable
iii. Details of any letter or comments regarding payment/non-payment of interest, principal on due dates, or any matter concerning the security and/or the assets along with comments thereon - None
The above disclosures are made in terms of Regulation 30 of Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Submitted for your information and record.
Tata Steel (TTST)