The Board of Tata Steel at its meeting held on 24 April 2020 reviewed the financing plan of the Company and based on the review, approved issue of additional debt securities up to Rs 5,000 crore in the form of Non-Convertible Debentures (‘NCDs') on private placement basis in one or more tranches (‘Issue'). The funds from the Issue will be primarily deployed towards repayment of debt and general corporate purposes.
The above Issue is in addition to the limit of debt securities up to Rs 12,000 crore, approved by the Board earlier, at its meeting held on 13 August 2018.