Tata Group firm Tata Capital said today that its public issue was oversubscribed six times, receiving bids worth more than Rs 3,000 crore on robust response from all categories of investors.The company would retain subscriptions worth Rs 1,500 crore from the issue of secured non-convertible debentures (NCDs). The instrument would be listed on the National Stock Exchange (NSE), Tata Capital said in a statement.

“The issue has gained significant acceptance and this re-instates investor confidence in Tata Capital. Based on the good response we feel such bonds will become an instrument of choice for investors and other corporates leading to the development of a strong corporate bond market, ” Tata Capital managing director Praveen P Kadle said.

The issue proceeds would be used for various activities such as lending and investments, capital expenditure and repayment existing loans, Kadle added.

The Rs 500 crore issue, which had a greenshoe option of Rs 1,000 crore, was open for subscription between February 2 and 24.

ICICI Securities, Citigroup Global Markets India and DSP Merrill Lynch Ltd were lead managers to the issue, while Tata Capital Markets were advisors.

source: Business-Standard

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