India's steelmaker Tata Steel is raising Rupees 5 billion ($102 million) through the sale of bonds.
Accordingly, the company is selling 10-year bonds at a coupon of 10.4 percent, payable annually. The bonds are rated AA by Fitch and AA+ by CARE.
The issue is scheduled to close on Friday, May 15, with pay-in on the same day. Standard Chartered Bank is the sole arranger to the issue.
Meanwhile, India's state-owned steelmaker Steel Authority of India (SAIL) on Friday raised Rupees 5.25 billion ($107 million) through the sale of bonds.
The company sold five-year bonds carrying a coupon rate of 7.7 percent.
($1 = Rupees 49.23)