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Tata Steel Limited's Committee of Directors, at a meeting on February 14, 2025, approved the issue of Fixed Rate, Unsecured, Redeemable, Rated, Listed Non-Convertible Debentures (NCDs). This private placement comprises 300,000 NCDs, each with a face value of ₹1,00,000, aggregating to ₹3,000 crore, with a tentative allotment date of February 21, 2025, and a maturity date of February 21, 2030. The NCDs are proposed to be listed on the Wholesale Debt Market Segment of BSE Limited and have credit ratings of 'AAA' by India Ratings and 'AA+' by CARE Ratings Limited.
| Date | 14 Feb 2025 |
| Time | 09:41:50 |
| Category | AGMs and other meetings |
| ID | 1931X |
February 14, 2025
London Stock Exchange
London
Sub: Outcome of the Meeting of Committee of Directors - Issue of Non-Convertible
Debentures ('NCDs') aggregating to ₹3,000 crore
Dear Madam, Sirs,
This has reference to our notice dated February 11, 2025.
The Committee of Directors (constituted by the Board of Directors of Tata Steel Limited), at its meeting held today i.e., February 14, 2025, considered and approved the issue of NCDs, as per the following terms and conditions:
|
Type of securities proposed to be issued (viz. equity shares, convertibles etc) |
Fixed Rate, Unsecured, Redeemable, Rated, Listed, NCDs. |
|
Type of Issuance (further public offering, rights issue, depository receipts (ADR/GDR), qualified institutional placement, preferential allotment etc.) |
Issued to eligible investors on a Private Placement basis |
|
Total numbers of securities proposed to be issued or the total amount for which the securities will be issued (approx..) |
3,00,000 NCDs of face value ₹1,00,000 each aggregating to ₹3,000 crore |
|
Size of the issue |
3,00,000 NCDs of face value ₹1,00,000 each aggregating to ₹3,000 crore |
|
Whether proposed to be Listed? If yes, name of the Stock Exchange(s) |
Yes. Wholesale Debt Market Segment of BSE Limited. |
|
Tenure of the instrument - date of allotment and date of maturity |
Date of allotment: February 21, 2025* Date of Maturity: February 21, 2030* *Tentative |
|
Coupon/Interest offered, schedule of payment of coupon/interest and principal |
Coupon/interest offered: Fixed Rate Coupon basis bidding at Electronic Book Provider (EBP) Platform of BSE. The bidding on EBP can be on multiple yield allotment basis.
Schedule of payment of coupon/interest: Annual Interest Payment
Schedule payment of principal: Bullet repayment at the end of maturity period |
|
Charge/security, if any, created over the assets |
None. The NCDs are unsecured. |
|
Special right/interest/privileges attached to the instrument and changes thereof |
None |
|
Delay in payment of interest / principal amount for a period of more than three months from the due date or default in payment of interest / principal; |
Not Applicable |
|
Details of any letter or comments regarding payment/non-payment of interest, principal on due dates, or any other matter concerning the security and /or the assets along with its comments thereon, if any; |
None |
|
Details of redemption of preference shares indicating the manner of redemption (whether out of profits or out of fresh issue) and debentures; |
Bullet repayment at the end of 5 years from the date of allotment |
|
Any cancellation or termination of proposal for issuance of securities including reasons thereof. |
Not Applicable |
|
Credit Rating |
'AAA' by India Ratings and 'AA+' by CARE Ratings Limited |
The meeting started at 1:00 p.m. (IST) and concluded at 2:20 p.m. (IST).
This disclosure is made in terms of Regulation 30 read with Regulation 51 and other applicable provisions of Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
This is for your information and records.