Tata Capital Financial Services Limited NCD offers interest rate upto 9.10 pct
Kolkata, Sept 7 (IBNS) Tata Capital Financial Services, a subsidiary of Tata Sons, on Friday announced to raise Rs 7,500 crore through issue of non-convertible debentures, with an an interest rates between 8.70 per cent to 9.10 per cent per year varying on terms, which will open for subscription from September 10.
However, the issue is scheduled to close on Sept 21 with an option of early closure or extension as decided by the board, according to managing director Kushal Roy.
Allotment is on first come first serve basis, said Roy. The minimum application size is Rs 10,000 collectively across all options from three years, 5 years and 10 years.
Tata Capital, a non-banking financial company, will issue secured, redeemable, non-convertible debentures with face value of Rs 1,000 each up to Rs 6000 crore and unsecured, subordinated, redeemable, NCD of Rs 1,000 face value each up to Rs 1500 crore aggregating to Rs 7500 crore.
The base issue size of the issue is Rs 2000 crore with an option to retain over subscription up to Rs 7500 crore.
Rating agencies Crisil and Care have assigned ‘highest degree of safety’ rating to the issue, added Roy.
"We focus on providing a broad suite of financing products customized to cater to the needs of various segments is a well-diversified platform with assets across retails, SME & commercial finance. "The company is well placed to take advantage of the growth opportunities in NBFC space by leveraging on its AAA ratings, wide distribution network and strong technology platform. We will in future increase our digital footprint to cater to our customer requirements.”
He said the allotment is on a first-come-first-serve basis (except on the date of over subscription, if any, when all the investors applying on the said date will get allotment on a proportionate basis).
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