Domestic steelmaker Tata Steel on Wednesday said a committee of directors had decided it had approved the increase Rp2,000 crore through allotment of non-convertible notes (NCD) on a private placement basis.

In submitting to BSE, the company said that the committee had approved the issuance of bonds in the form of NCDs. “20,000 NCD face value Rp10,00,000 each add up to Rp2,000 crore, to be published in two different series (Series 1 Debenture combined into Rp500 crore and Series 2 Debenture Collection b Rp1,500 crores).”

This issue is divided into two series, said Tata Steel.

Size problem

This problem is divided into two series:

Series 1 Notes: 5,000 NCD of face value Rp10,00,000 each totaled Rp500 crores.

Series 2 Notes: 15,000 NCD of face value Rp10,00,000 each totaled Rp1500 crores

In the first series, 5,000 NCD face value Rp10,00,000 each will be issued to increase the aggregate amount Rp500 crores.

The allotment date for the first series is 20 September 2022 and the due date is 20 September 2027.

Meanwhile, under the second series, the nominal value is 15,000 NCD Rp10,00,000 each will be issued to collect the others Rp1500 crores. The allotment date is also September 20, 2022, the maturity date is September 20, 2032.

NCD is rated AA+ by India Ratings and CARE Ratings.

The NCD is proposed to be listed on BSE Limited’s Wholesale Debt Market (WDM) Segment.

Tata Steel Group is one of the top global steel companies with an annual raw steel capacity of 34 million tons per year.

On a consolidated basis, the steel company’s net profit fell 12.83% to Rp7,764.96 crore for the quarter ending 30 June 2022. Sequentially, PAT decreased by 20.4% from Rp9,756 crore was achieved during the January – March quarter.

Tata Steel shares rose 1.25% to Rp109.10 on Wednesday, September 14, 2022.

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