The board of Tata Steel has provided its approval to issue debt securities worth up to Rs 9,000 crore for meeting the working capital requirements and general corporate purposes.

The company has said in a filing that “The Board of Directors….based on the review and pursuant to the existing shareholders approval, approved issue of debt securities of up to Rs 9,000 crore in the form either of Non-Convertible Debentures on private placement basis or Foreign Currency or Rupee Denominated Bonds or a combination thereof in one or more tranches.”

Primarily, the funds are going to be deployed towards re-financing the existing debt, capex and working capital requirements and general corporate purposes.

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