Tata Steel completes innovative CB

The Indian steel company raises $874 million in convertible securities to help fund its purchase of UK steelmaker Corus Group.

The worldÆs sixth largest steelmaker Tata Steel showed its metal in the capital markets on Monday night, raising $875 million in convertible securities.

The deal was initially targeted at $650 million but was upsized by $75 million following the bookbuild, and then by another $150 million after the greenshoe was exercised. The deal, which will help Tata Steel to fund the $12 billion purchase of UK steelmaker Corus Group, received strong demand from the US.

Tata sold the convertible...

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