Tata Steel, Tata Motors to raise Rs1,500 crore via bonds for debt refinancing
Tata Steel looking to raise Rs1,000 crore through 10-year bonds, Tata Motors is planning to raise Rs500 crore through five-year bonds to refinance bank loans.business Updated: Jun 12, 2017 11:15 IST
Tata Steel Ltd and Tata Motors Ltd are planning to raise a total of Rs1,500 crore by selling bonds in the local market to refinance bank loans, at least three people aware of the development said.
While Tata Steel is looking to raise at least Rs1,000 crore through 10-year bonds, Tata Motors is planning to raise around Rs 500 crore through five-year bonds.
“Tata Steel has been inquiring since past few months but now, with the expectation that bond market rates may not rise following the monetary policy outcome, the company may soon tap the market,” one of the three people cited above said.