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    HomeNewsBusinessCompaniesTata Steel to raise Rs 525 cr via perpetual bonds at 11.50%

    Tata Steel to raise Rs 525 cr via perpetual bonds at 11.50%

    Tata Steel is planning to raise Rs 525 crore by selling perpetual bonds Tuesday, a corporate debt market arranger told moneycontrol.com Monday.

    May 09, 2011 / 19:17 IST
     
     
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    By Moneycontrol Bureau

    Tata Steel is planning to raise Rs 525 crore by selling perpetual bonds Tuesday, a corporate debt market arranger told moneycontrol.com Monday.


    The company is offering 11.50% coupon rate payable semi-annually for the perpetual bond that have a call option at the end of 10th year, the debt market arranger said.


    "If the call option is not exercised by the investors, the coupon rate would be stepped up by 300 basis points to 14.50%," he said.


    The perpetual bond has been rated 'AA' by CARE and Brickworks, he added.


    Tata Steel's spokesperson declined to comment on the issue.


    In March, Tata Steel had raised Rs 1500 crore via a perpetual bond at 11.80%
    first published: May 9, 2011 06:04 pm

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