New Delhi: Tata Steel Ltd has raised $1.3 billion (about Rs8,282 crore) through issuance of unsecured bonds in international markets.

“The issue comprises $300 million 4.45% unsecured bonds due on July 24, 2023 and $1 billion 5.45% unsecured bonds due on January 24, 2028 by Abja Investment Co Pte Ltd, a wholly-owned subsidiary of Tata Steel incorporated in Singapore," Tata Steel said a regulatory filing.

Tata Steel ED and CFO Koushik Chatterjee said proceeds of the bonds will be “used to refinance the offshore obligations of the Group, which will help de-risk the balance sheet, enhance financial flexibility, diversify the investor base and improve the overall debt maturity profile".

The bonds are rated ‘BB-’ by S&P and will be listed on the Singapore Exchange (SGX).

At 12.36pm, Tata Steel shares were trading 0.47% lower at Rs748.35 on BSE, while the Sensex rose 0.25% to 35,347.41 points.

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