Tata Comm to raise up to Rs 600 crore to cut debt, fund opex and capex
The NCDs will carry an annual coupon rate of 7.48% for 3 years from the deemed date of allotment.
By ET Bureau | Updated:
BCCL
New Delhi: Telecom enterprise Tata Communications has decided to raise upto Rs 650 crore via bonds to refinance debt and provide for capex and working capital, the company said in an exchange filing on Wednesday.
The company will raise fund via private placement of non-convertible debentures (NCDs) for Rs 500 crore and a green-shoe option of Rs 150 crore. The NCDs will carry an annual coupon rate of 7.48% for 3 years from the deemed date of allotment.
"Proceeds of the Issue will be used for Refinancing of existing debt, and/or General corporate purpose, and/or Working Capital, and/or Capital Expenditure incurred in the last 12 months," the company informed the exchanges.
Shares of Tata Communications closed 7.46% higher at Rs 335.90 per share on BSE on Wednesday.
The company will raise fund via private placement of non-convertible debentures (NCDs) for Rs 500 crore and a green-shoe option of Rs 150 crore. The NCDs will carry an annual coupon rate of 7.48% for 3 years from the deemed date of allotment.
"Proceeds of the Issue will be used for Refinancing of existing debt, and/or General corporate purpose, and/or Working Capital, and/or Capital Expenditure incurred in the last 12 months," the company informed the exchanges.
Shares of Tata Communications closed 7.46% higher at Rs 335.90 per share on BSE on Wednesday.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
