As part of its strategy to mop up capital internationally, Tata Steel has raised $1.5 billion (about Rs9,000 crore) in a dual tranche bond sale, making it the largest such deal by the Tata group firm.
“This is Tata Steel’s debut US Dollar bond issuance and forms part of the company’s long-term financing strategy to raise capital internationally,” said Koushik Chatterjee, Group Executive Director (Finance and Corporate) at Tata Steel.
The proceeds would be deployed as per the strategic plan of the company, including offshore investment, he added. The dollar money was raised by the company’s wholly-owned subsidiary in Singapore, ABJA Investments, and the peak order book of the issue was $11 billion across tranches, it said.