INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Tata Steel stock looked good on Tuesday, jumping 2 per cent, on the buzz that the steelmaker is looking to raise $3.1 billion in
Sources told ET that the Tata group company is trying to mobilise $3.1 billion in overseas loans in a bid to dispose of existing high-cost
debt, ahead of its European operations' merger with German steel giant Thyssenkrupp.
Evidently, the stock got a push and was up 1.73 per
cent to hit a high of Rs 528.30 on the BSE
Once completed, the borrowings would be one of the largest refinancing programmes by a corporate this year, ET reported
The new facilities will replace the existing debt held by its European businesses and the pricing would be done some time in August,
multiple sources with knowledge of the matter told ET
The group has started negotiations with half a dozen banks, including Barclays, JPMorgan, MUFG, DBS Bank and Citigroup, the sources added
Individual banks could not be contacted immediately for comments.
