Tata Group's Trent raises Rs 300 crore through NCDs

NEW DELHI: Tata group firm Trent Ltd today raised Rs 300 crore through issuance of unsecured redeemable non-convertible debentures ( NCDs) on private placement basis.

The proceeds of the issue will be primarily used to facilitate redemption of existing borrowings

"The company has issued and allotted 3000 listed unsecured redeemable non-convertible debentures (NCDs) of Rs 10 lakh each at par aggregating to Rs 300 crore on a private placement basis," Trent said in a BSE filing.

The Tata Group's retail arm Trent operates ' Westside' stores along with ' Star Bazaar'.

Last year, British retail giant Tesco announced forming of an equal joint venture with Trent by picking up 50 per cent stake in Trent Hypermarket Ltd (THL) for about 85 million pounds.

THL operates the Star Bazaar retail business in India. Tesco is the only global firm to have entered India after the government allowed 51 per cent FDI in the applied for multi-brand retail segment.