New Delhi: Tata group retail arm Trent has raised Rs100 crore from the market by issuing commercial papers to refinance its existing borrowings.

“The company has issued and allotted commercial paper of 100 crore," Trent said in a regulatory filing. The proceeds will be primarily used to refinance the existing borrowings, it added.

According to the company, Credit Analysis and Research Ltd (CARE Ratings) has assigned ‘CARE A1’ to the commercial papers. The rating signifies very strong degree of safety with respect to timely payment of financial obligations.

Trent stock was trading 0.54% up at Rs317.40 on BSE in the afternoon.