Tata Capital plans to raise min 500 mln rupees via bonds-source

Last Updated: Tue, Aug 28, 2012 10:41 hrs
Ratan Tata

Tata Capital, a unit of India's diversified Tata group, plans to raise at least 500 million Indian rupees ($8.98 million) via 10-year bonds at 9.85 percent, a source with the knowledge of the deal told Reuters on Monday.

The issue is partly paid up with 34 percent paid upfront, 34 percent to be paid next year and the balance of 32 percent after two years, the source said.

The secured bonds are rated AA+ by ICRA, said the source.

Barclays Capital is the arranger to the bond issue, the source said.

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