Tata Capital plans to raise $500-million in debt overseas

MUMBAI: Tata Capital, the Tata Group’s financial services unit, is looking to raise $500 million through dollar-denominated bonds, signaling a major initiative to secure international funding for expansion. Expected to have a BBB- rating from S&P, the bond targets a global investor base as Tata Capital pursues its growth strategy.

Investor meetings will be held in Singapore, Hong Kong and London in mid-November. Standard Chartered, HSBC and BNP Paribas are handling the investor call, one of the sources said.

Tata Capital’s top executives including CEO Rajeev Sabharwal, CFO Rakesh Bhatia and Treasury Head Kiran Joshi will be present at the roadshow.

A Tata Capital spokesperson did not immediately respond to requests for comment. Standard Chartered Bank, BNP Paribas and HSBC could not immediately be reached for comment.

Amid tight domestic credit, NBFCs are increasingly turning to dollar bonds to diversify funding.

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Piramal Finance recently raised $150 million by widening its borrowing profile through an oversubscribed bond issue with a yield of 7.078%. Similarly, Muthoot Finance raised an additional $100 million in July by tapping its 7.125% bond due 2028.

As of March 31, 2024, Tata Capital has a large funding base from multiple lenders, including NCDs at 39%, term loans at 42% and external commercial borrowings at 7%.

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