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

TATA SteelAnnouncement

20/02/2023 17:45

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RNS Number : 4962Q  Tata Steel Limited  20 February 2023

February 20, 2023

 

London Stock Exchange

London

 

Dear Madam, Sir(s),

 

Sub: Outcome of the Meeting of Committee of Directors - Issue of
Non-Convertible Debentures aggregating to ₹2,150 crore

 

The Committee of Directors (constituted by the Board of Directors of Tata
Steel Limited), at its meeting held today i.e., February 20, 2023, considered
and approved the issue 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    Issued on Private Placement basis to eligible investors
 etc.)
 Total numbers of securities proposed to be issued or total amount for which     2,15,000 NCDs of face value ₹1,00,000 each aggregating to ₹2,150 crore.
 the securities will be issued (approximately)
 Size of the issue                                                               2,15,000 NCDs of face value ₹1,00,000 each aggregating to ₹2,150 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               Date of allotment: February 27, 2023

                                                                                 Date of Maturity: February 25, 2028
 Coupon/Interest offered, schedule of payment of coupon/interest and principal   Coupon offered: Fixed Rate Coupon basis bidding at Electronic Book Provider
                                                                                 (EBP) Platform of BSE. The bidding on EBP can be on uniform yield/multiple
                                                                                 yield allotment basis.

                                                                                 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

                                                                                 Bullet repayment at the end of 5 years from date of allotment
 Credit Rating                                                                   "AA+" by India Ratings and Research Private Limited (India Ratings) and "AA+"
                                                                                 by CARE Ratings Limited (CARE Ratings)
 Any cancellation or termination of proposal for issuance of securities          Not Applicable
 including reasons thereof

 

The meeting started at 4:00 p.m. (IST) and concluded at 10:15 p.m. (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.

 

 

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