New Delhi: Tata Chemicals Ltd on Wednesday said it has raised Rs 1,500 crore through the allotment of non-convertible debentures (NCDs) on a private placement basis. The company has allotted 1,50,000 listed, unsecured, rated, redeemable, taxable, non-cumulative non-convertible debentures, having a face value of Rs 1 lakh each, for cash, it said in a regulatory filing.
The NCDs have a tenure of two years and 364 days, and carry a fixed rate coupon of 7.06 per cent, Tata Chemicals said. The debentures have been issued to identified investors based on multiple yield allotment methods, it added. The NCDs will be listed on the Debt Segment of National Stock Exchange of India Limited (NSE).
The allotment was approved by the internal committee constituted by the board of directors of the company, Tata Chemicals said. NCDs are debt instruments issued by companies to raise long-term funds. They are popular among investors seeking stable, fixed returns without equity exposure.
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