Tata Steel to seek shareholders' nod for raising Rs 14,000 crore

Tata Steel will seek shareholders nod to raise up to Rs 14,000 crore through privately placed debt securities in domestic as well as global markets.

A committee of the company's board of directors at its meeting held on Tuesday approved various proposals including raising of funds and increasing the borrowing limit.

Tata Steel will seek shareholders' nod for "further issuance of privately placed debt securities in the international and/or domestic capital markets for an amount not exceeding Rs 14,000 crore" according to a BSE filing.

Besides, approval would be sought for hiking the company's borrowing limit from Rs 50,000 crore to Rs 70,000 crore or the aggregate of the paid up capital and free reserves of the company, whichever is higher, it said.

Also, Tata Steel would seek approval for "creation of Charges on the movable and immovable properties of the Company, in respect of borrowings".

The company scrip closed at Rs 532.10, up 1.38 per cent from the previous close on the BSE on Tuesday.