Tata Steel to sell perpetual bonds; stock down

TataSteel, the world's seventh-largest steelmaker, has decided to sell Rs 15 billion($332 million) of perpetual bonds, a source with direct knowledge of the dealsaid.

The Tier-I bonds carry a coupon of 11.8 percent payable semiannually.

At 3:05 am, the stock was trading at Rs 593.05, down 0.92per cent. The stock touched a high of Rs 597.15 and a low of Rs 591.80 in tradeso far.

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Tata Steel to sell $332 mn perpetual bonds