Outcome of the Meeting of Committee of Directors

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 etc)

Fixed Rate, Unsecured, Redeemable, Rated, Listed, NCDs.

Type of Issuance (further public offering, rights issue, depository receipts (ADR/GDR), qualified institutional placement, preferential allotment etc.)

Issued to eligible investors on a Private Placement basis

Total numbers of securities proposed to be issued or total amount for which the securities will be issued (approximately)

2,70,000 NCDs of face value ₹1,00,000 each aggregating to ₹2,700 crore

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 thereof

None

Delay in payment of interest/principal amount for a period of more than 3 months from the due date or default in payment or interest/principal

Not applicable

Details of any letter or comments regarding payment/non-payment of interest, principal on due dates, or any matter concerning the security and/or the assets along with comments thereon, if any

None

Details of redemption of preference shares indicating the manner of redemption (whether out of profits or out of fresh issue) and debentures

Bullet repayment at the end of 3 years from the date of allotment.

Any cancellation or termination of proposal for issuance of securities including reasons thereof

Not Applicable

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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END
 
 
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