Tata Capital allotted 2.95 lakh secured NCDs privately - Total issue size is Rs. 2,950 crore - NCDs bear floating coupon rate: 3M T-Bill + 2.10% spread - Tenor of approx 1007 days; maturity on Feb 21, 2029 The company raised Rs. 2,950 crore by allotting Secured, Redeemable, Non-Convertible Debentures (NCDs) through private placement. This is a way to raise funds directly from investors without a public issue. Key Terms Number of NCDs issued: 295,000 Issue Size: Rs. 2,950 crore Tenor: Approx. 1007 days (about 2 years 9 months) Maturity Date: February 21, 2029 Type: Secured (backed by assets), Redeemable, Non-Convertible (not shares). 💸 Interest / Coupon Rate Details Floating coupon: 3-month Treasury Bill rate + 210 bps (2.10% p.a.) fixed spread Initial coupon: 7.42% p.a. (5.32% benchmark + 2.10% spread) Coupon resets quarterly based on updated T-Bill rates No cap or floor on rates 🏦 Security & Credit Rating Secured by: pari-passu charge on company's movable property, receivables, book debts, investments Security Cover: 1x aggregate NCD value Credit Rating: CRISIL AAA/Stable and ICRA AAA/Stable 🗓 Payment Schedule & Redemption Interest Payment Dates: May 21, 2027; May 22, 2028; February 21, 2029 Redemption: At face value on February 21, 2029 Additional Details If interest/principal payment is delayed >3 months, an additional 2% p.a. interest over the coupon is payable during default period. Potential Perceptions Shows company raising medium-term secured funds Floating rate offers variable returns linked to govt securities Secured backing and AAA rating may be seen as lower risk $TATACAP