Tata Capital secures $400 million via 3.5 year overseas bond sale
Business
Tata Capital just secured $400 million by selling bonds overseas, marking a big step to boost its financial strength and back future growth plans.
The 3.5-year bonds come with a fixed interest rate of 5.332%, set slightly above US Treasury rates.
Tata Capital bonds oversubscribed over fourfold
The offering was a hit: investors wanted in so much that demand was over four times what Tata Capital offered.
Backers included asset managers, banks, and insurance companies from Asia and Europe, the Middle East, and Africa.
This is only the company's second time tapping the US dollar bond market, and it stands out as the only Indian private-sector NBFC with an investment-grade rating during this round.