Tata Chemicals raises Rs 1,700 cr through NCDs on private placement basis

Tata Chemicals has raised Rs 1,700 crore through the issue of Non-convertible Bebentures (NCDs) to investors on a private placement basis.

In a regulatory filing on Tuesday, Tata Chemicals said an internal Committee, constituted by its board, has approved the allotment of 1,70,000 NCDs, having a face value Rs 1 lakh each for cash, aggregating to Rs 1,700 crore, for a tenor of 3 years, to identified investors on private placement basis.

The NCDs have a fixed rate coupon of 7.81 per cent and have been issued based on multiple yield allotment method. The NCDs will be listed on the Debt Segment of National Stock Exchange of India Limited (NSE), the filing said.

Recently, Tata Chemicals reported a 72 per cent decline in its consolidated net profit to Rs 150 crore for the first quarter of this fiscal year on lower income and higher expenses.

Its net profit stood at Rs 532 crore in the year-ago period.

Net profit from continuing operations declined to Rs 175 crore from Rs 578 crore. Tota