“The board of directors at its meeting held today…has approved fund raising by way of private placement of rated, secured, listed redeemable non-convertible debentures for Rs 500 crore plus green shoe option of Rs 150 crore,” Tata Communications stated in a regulatory submitting.
The coupons issued for the fund will carry rate of interest of seven.48 per cent every year.
The firm stated proceeds of the problem will likely be used for refinancing of present debt, working capital, capital expenditure incurred within the final 12 months, and for common company functions.
Tata Communications has posted round 66 per cent dip in consolidated revenue to Rs 58.85 crore for the third quarter ended December 31, 2019.
Total earnings of declined to Rs 4,242.69 crore throughout the quarter from Rs 4,288.65 crore within the year-ago interval.
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