Tata Steel may raise up to $332 million via perpetual bond sale

Indian steel giant Tata Steel Limited (Tata) will sell INR 15 billion ($332 million) worth of perpetual bonds and become the first in India to issue hybrid corporate bonds, news wires have reported.
 
ICICI Bank and JPMorgan will reportedly be the arrangers of the sale that will carry a coupon rate of 11.8 percent payable semi-annually with no scheduled dates for payments yet.
 
Tata has been raising funds since late 2010 through share sales and bank loans in order to finance its debts.
 
The company is also said to be in talks to issue a dollar-denominated perpetual bond, reports said.