Tata Capital Allots ₹3000 Crore NCDs with 8.05% Coupon
Tata Capital Limited allotted ₹3000 crore worth of Secured Redeemable Non-Convertible Debentures (NCDs) on private placement. The NCDs bear an 8.05% coupon rate and mature on September 07, 2029. They have received CRISIL AAA/Stable and [ICRA] AAA/Stable ratings and will be listed on NSE.
The issuance of ₹3000 crore in NCDs represents a significant fundraising amount, which is crucial for the company's operations and growth, hence a medium impact.
The announcement pertains to a routine debt fundraising activity and does not contain information that would significantly impact the company's stock price or market perception in a positive or negative way.
Tata Capital Limited has announced the allotment of Secured Redeemable Non-Convertible Debentures (NCDs) on a private placement basis. The company allotted 3,00,000 NCDs with a face value of ₹1,00,000 each, aggregating to an issue size of ₹3000 crore. The NCDs carry a coupon rate of 8.05% per annum and have a tenor of 1095 days from the date of allotment, maturing on September 07, 2029.
The interest payment dates are scheduled for September 08, 2027, September 08, 2028, and the final redemption will occur on September 07, 2029. The NCDs are secured by a pari-passu charge on the company's movable property, including receivables, book debts, and investments, with a security cover equivalent to 1.00 time the aggregate outstanding value of the debentures.
In case of default in payment of interest or principal, an additional interest of 2% per annum over the coupon rate will be payable for the defaulting period. The NCDs have been assigned a credit rating of CRISIL AAA/Stable by CRISIL Ratings Limited and [ICRA] AAA/Stable by ICRA Limited. The company intends to list these NCDs on the National Stock Exchange of India Limited (NSE).
What to do with a filing like this
Tata Capital Limited filed this with the NSE as a statutory disclosure, categorised under debt fundraising. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by Tata Capital Limited. Read the original for the full detail.