India's Tata Steel says raises $332 mln in perpetual bonds

Fri Mar 18, 2011 10:53am GMT
 

MUMBAI, March 18 (Reuters) - Indian steelmaker Tata Steel (TISC.BO: Quote) said it has raised its planned 15 billion rupees ($332 million) in a perpetual bond issue, marking it the first-ever issuance of hybrid corporate bonds in India.

"The issuance of these perpetual hybrid securities is an important step in the overall financing strategy and capital structure management of the Tata Steel Group," chief financial officer Koushik Chatterjee said in a statement.

The lead arrangers for the issuance are J.P. Morgan Securities India Pvt Ltd and ICICI Bank Ltd, the company said. ($1= 45.2 rupees) (Reporting by Neha Singh; editing by Malini Menon)

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