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

TATA SteelAnnouncement

19/03/2024 10:45

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RNS Number : 4281H  Tata Steel Limited  19 March 2024

 

 

March 19, 2024

 

London Stock Exchange

London

 

Dear Madam, Sir(s),

 

Sub: Outcome of the Meeting of Committee of Directors - Issue of
Non-Convertible Debentures ('NCDs') aggregating to ₹ 2,700 crore

 

This has reference to our letter dated March 14, 2024.

 

The Committee of Directors (constituted by the Board of Directors of Tata
Steel Limited), at its meeting held today i.e., March 19, 2024, considered and
approved the issue of

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 (further public offering, rights issue, depository receipts    Issued to eligible investors on a Private Placement basis
 (ADR/GDR), qualified institutional placement, preferential allotment etc.)
 Total numbers of securities proposed to be issued or total amount for which     2,70,000 NCDs of face value ₹1,00,000 each aggregating to ₹2,700 crore
 the securities will be issued (approximately)
 Size of the issue                                                               2,70,000 NCDs of face value ₹1,00,000 each aggregating to ₹2,700 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: March 27, 2024*

                                                                                 Date of Maturity: March 26, 2027*

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

                                                                                 Schedule of payment of coupon/interest: Annual Interest Payment

                                                                                 Schedule payment of principal: 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  Bullet repayment at the end of 3 years from the date of allotment.
 (whether out of profits or out of fresh issue) and debentures
 Any cancellation or termination of proposal for issuance of securities          Not Applicable
 including reasons thereof
 Credit Rating                                                                   'AA+' by India Ratings and 'AA+' by CARE Ratings Limited

 

The meeting started at 12 noon (IST) and concluded at 2:00 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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