Tata Steel mulls $346mmln bond offering: IFR
Tata Steel is mulling an offering of up to Rs30bn (US$346m) of three, five and 10-year bonds, according to market sources.
It is currently heard to be seeking pricing guidance from bankers.
Care and India Ratings have assigned a AA+ rating to the unsecured notes.
The funds will be used for debt repayment.
In May, Tata Steel received board approval to issue rupee bonds and inject capital into a Singapore-based subsidiary to repay debt and restructure its UK unit.
The company has approval to raise up to Rs30bn from non-convertible debentures in one or more tranches via private placement in the fiscal year ending on March 31.
Source: IFR
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