Tata Chemicals Raises Rs 1,700 Crore via Non-convertible Debentures
Tata Chemicals raised Rs 1,700 crore through Non-convertible Debentures (NCDs) via a private placement. An internal committee approved the issuance of 1,70,000 NCDs at Rs 1 lakh each. The NCDs have a fixed coupon rate of 7.81% and will be listed on NSE. Recent financial results show a 72% decline in net profit.
![Tata Chemicals Raises Rs 1,700 Crore via Non-convertible Debentures](https://devdiscourse.blob.core.windows.net/aiimagegallery/05_08_2024_12_19_04_1023528.png)
- Country:
- India
Tata Chemicals has successfully raised Rs 1,700 crore by issuing Non-convertible Debentures (NCDs) to selected investors through a private placement.
According to a regulatory filing on Tuesday, the company's board-appointed internal committee approved the allotment of 1,70,000 NCDs, each with a face value of Rs 1 lakh. These NCDs have been issued for a tenor of three years and come with a fixed coupon rate of 7.81 per cent. The debentures will be listed on the Debt Segment of the National Stock Exchange of India Limited (NSE).
In recent financial updates, Tata Chemicals recorded a significant 72 per cent decline in its consolidated net profit, falling to Rs 150 crore in the first quarter of the fiscal year. This is down from Rs 532 crore during the same period last year, primarily due to lower income and higher expenses.
The company, part of the over USD 165 billion Tata Group, is a leading supplier in sectors like Glass, Detergents, and Industrial Chemicals. It also has a strong presence in the crop protection market through its subsidiary, Rallis India Limited.
(With inputs from agencies.)
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