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Shailendra Bhatnagar, CNBCTV-18
Tata Steel's has plans to unlock value in the business and reduce its debt costs followings its acquisition of Corus and NatSteel.
CNBC-TV18 has learnt from sources that Tata Steel is consolidating its overseas debt into a separate subsidiary and is planning to do a private placement worth up to USD 2 billion. At the moment, the structure is a little hazy and it will depend upon what return the instrument will offer to investors.
The mandate for this transaction is with a US-based investment bank, but both the bank and Tata Steel have declined to comment whether such a plan exists. Tata Steel will announce its results tomorrow and we'll certainly ask the management on what its plans are.
Disclaimer:
This information is source-based and has not been provided to the stock exchanges.
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