Angel Broking has maintained its neutral rating on Tata Steel in its May 9, 2008 research report. "Tata Steel has raised Rs 2,000 crore through a private placement of redeemable nonconvertible debentures (NCDs), including the exercise of the green shoe option. The deemed date of allotment for the debenture, each having a face value of Rs 10 lakh, was May 7, 2008. The three-series issue comprises of a seven-year maturity fixed rate (Rs 620 crore), a three-year maturity floating rate (Rs 1,090 crore) and a three-year maturity fixed rate (Rs 290 crore) series."

" The NCDs have been assigned an AAA rating by Fitch Ratings India for the aggregate amount of Rs 2,000 crore. It has also affirmed a national issuer rating of AAA (ind) for the company. Tata Steel has also applied to list the NCDs on the National Stock Exchange's wholesale debt market. This is to part finance the Corus acquisition. We maintain our Neutral view on Tata Steel," says Angel's research report.

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