Tata Capital Limited has informed the Exchange regarding allotment of Non-Convertible Debentures.
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Tata Capital Limited has allotted Rs. 765 crore worth of Secured Redeemable NCDs (Series TCFSL NCD 'J' Series FY 2022-23 - Reissue No.5) to investors via private placement. The issue comprises 7,650 debentures at face value of Rs. 10 lakh each, carrying a coupon rate of 8.00% (XIRR 7.88%). The NCDs will mature on October 19, 2027, with bullet redemption. The securities are secured by pari-passu charge on the company's receivables and book debts with a 1.0x cover. Both CRISIL and ICRA have rated these debentures AAA/Stable, indicating high credit quality.
The AAA-rated NCD issuance at 8% suggests Tata Capital is raising debt at competitive rates, reflecting strong investor confidence in the Tata Capital brand. The private placement format indicates institutional participation. This is routine debt fundraising that should have neutral-to-positive impact on the company's financial flexibility.