REG - Tata Steel Limited - Outcome of the Meeting of Committee of Directors

TATA SteelAnnouncement

14/09/2022 15:30

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RNS Number : 4895Z  Tata Steel Limited  14 September 2022

September 14, 2022

 

London Stock Exchange

London

 

Dear Sir, Madam,

 

Re: Outcome of the Meeting of Committee of Directors - Issue of Fixed rate,
Unsecured, Redeemable, Listed, Rated Non-Convertible Debentures aggregating to
₹2,000 crore

 

This has reference to our letter dated September 9, 2022.

 

The Committee of Directors (constituted by the Board of Directors of Tata
Steel Limited), at its meeting held today i.e., September 14, 2022, approved
the issue of debt securities in the form of Non-Convertible Debentures
('NCDs'), as per the following terms and conditions:

 Type of securities proposed to be issued (viz. equity shares, convertibles      Fixed rate, Unsecured, Redeemable, Rated, Listed, NCDs.
 etc)
 Type of Issuance (FPO, Rights issue, ADRs/GDRs, QIPs, preferential allotment    Private Placement to all eligible investors
 etc.)
 Total numbers of securities proposed to be issued or total amount for which     20,000 NCDs of face value ₹10,00,000 each aggregating to ₹2,000 crore, to
 the securities will be issued (approximately)                                   be issued in two different series (Series 1 Debenture aggregating to ₹500
                                                                                 crore and Series 2 Debenture aggregating to ₹1,500 crore)
 Size of the issue                                                               The issue is divided into two series as below:

                                                                                 Series 1 Debenture:

                                                                                 5,000 NCDs of face value ₹10,00,000 each aggregating ₹500 crore.

                                                                                 Series 2 Debenture:

                                                                                 15,000 NCDs of face value ₹10,00,000 each aggregating ₹1,500 crore
 Whether proposed to be Listed? If yes, name of the Stock Exchange(s)            Yes.

                                                                                 Wholesale Debt Market Segment of BSE Limited.
 Tenure of the instrument - date of allotment and date of maturity               Series 1 Debenture:

                                                                                 Date of allotment: September 20, 2022

                                                                                 Date of Maturity: September 20, 2027

                                                                                 Series 2 Debenture:

                                                                                 Date of allotment: September 20, 2022

                                                                                 Date of Maturity: September 20, 2032

 Coupon/Interest offered, schedule of payment of coupon/interest and principal   Series 1 Debenture and Series 2 Debenture:

                                                                                 Coupon offered: Fixed Rate Coupon

                                                                                 Schedule of Interest payment: Annual Interest payment

                                                                                 Schedule of principal payment: Bullet repayment at the end of Maturity Period
 Charge/security, if any, created over the assets                                None. The NCDs are unsecured.
 Special right/interest/privileges attached to the instrument and changes        None.
 thereof
 Delay in payment of Interest/principal amount for a period of more than 3       Not applicable
 months from the due date or default in payment or interest/principal
 Details of any letter or comments regarding payment/non-payment of interest,    None
 principal on due dates, or any matter concerning the security and/or the
 assets along with comments thereon, if any
 Details of redemption of preference shares indicating the manner of redemption  Redemption schedule:
 (whether out of profits or out of fresh issue) and debentures

                                                                                 Series I Debenture

                                                                                 Bullet repayment at the end of 5(th) year from the date of allotment

                                                                                 Series 2 Debenture:

                                                                                 Bullet repayment at the end of 10(th) year from date of allotment
 Rating                                                                          "AA+" by India Ratings and Research Private Limited (India Ratings) and "AA+"
                                                                                 by CARE Ratings Limited (CARE Ratings)

 

The meeting started at 4.30 pm (IST) and concluded at 7.00 pm (IST).

 

This disclosure is made in terms of Regulation 30 of Securities Exchange Board
of India (Listing Obligations and Disclosure Requirements) Regulations, 2015,
as amended.

 

This is for your information and records.

 

Thanking you.
 

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