Tata Steel is reportedly planning to raise Rs 2000-4000 crore through qualified institutional placement (QIP). In this regard the company has appointed two banks to explore options for QIP. Recently the company had raised $1.5 billion via bond issue in July.
Earlier in April, the company intended to seek approval for increasing its borrowing limit to Rs 70,000 crore from Rs 50,000 crore, or the aggregate of the paid-up capital and free reserves of the company, whichever is higher.
The company, had net debt of Rs.70,526.27 crore as of 31 March 2014 and a debt-to-equity ratio of 1.93.
Tata Steel, the flagship company of the Tata group is the first integrated steel plant in Asia and is now the world’s second most geographically diversified steel producer and a Fortune 500 Company.
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