Facebook Pixel Code

Tata Comm to raise $204 million via bond sale in Singapore

The Netherlands unit of Tata Communications is raising SGD 250 million (US$204 million) through a three-year Singapore dollar-denominated bond, an investment banker said.

The Netherlands unit of Tata Communications is raising SGD 250 million (US$204 million) through a three-year Singapore dollar-denominated bond, an investment banker said. The bond is being sold at a fixed coupon of 4.25%, which was at the tighter end of the guidance, the merchant banker said.

The overseas bond issued by Tata Communications (Netherlands) BV is unrated. The company is issuing the bond with an Reg S status, which means the bond can’t be sold to US-based investors, and doesn’t have to be registered with the US Securities & Exchange Commission.

The bond has been guaranteed by the parent company, Tata Communications, and will be listed in Singapore. Earlier this month, the country?s second largest lender, ICICI Bank, raised SGD 225 million through a seven-year Singapore dollar-denominated bond. The bank had given a price guidance of 4%, while the final pricing saw tightening of 0.35% to 3.65%. Tata Communications is the fourth Indian company and the first private non-financial company to use the overseas bond market to raise funds this year.

Get live Share Market updates, Stock Market Quotes, and the latest India News and business news on Financial Express. Download the Financial Express App for the latest finance news.

First published on: 25-01-2013 at 00:00 IST
Market Data
Market Data
Today’s Most Popular Stories ×