TATA Steel has raised SAD 300 million (INR 1,300 crore) from Singapore market through an international bond offering at a coupon rate of 4.95%.
It said that "The Issuer incorporated in Singapore, being a wholly owned subsidiary of TATA Steel, has priced its issue of SGD (Singapore dollar) 300 Million 4.95% senior unsecured notes due 2023. The notes are guaranteed by Tata Steel Ltd.'
It added that the bonds will be listed on the Singapore Stock Exchange and the guarantee will be an unsecured obligation of TATA Steel Ltd.
The bond offering of TATA Steel, launched through ABJA Investments a Singapore-based wholly owned arm of the company was its first foreign fund-raising activity in about three years.