"The Committee for long term Borrowings, has today by way of a circular resolution, considered and approved raising of funds by way of issuance of rated, unsecured, listed, redeemable, non-convertible debentures of face value of Rs 10 lakh only aggregating to Rs 150 crore only by way of private placement, to Axis Bank Ltd," IHCL said in a BSE filing.
The company, however, did not disclose the reasons for raising the funds.
The NCDs are proposed to be listed on the wholesale debt market segment of National Stock Exchange of India Ltd and the tenor of the instrument is 3 years from the deemed date of allotment, it added.
The Tata Group donated 40,032 Polymerase Chain Reaction (PCR) kits worth Rs 8 crore to the Tamil Nadu government on Wednesday. PCR kits are used to test for the novel coronavirus.
Tamil Nadu has received Rs 134 crore from various individuals and firms towards the state's fight against the spread of coronavirus. An official release said government employees, firms, banks, trusts, organisations and celebrities among others have so far contributed Rs 134.63 crore towards the Chief Minister's Public Relief Fund.
Among those who have made contributions to TN CM’s relief fund are TVS Motor Company and Sakthi Masala, who have donated Rs 5 crore each. Actor Ajith donated Rs 50 lakh. Tamil Nadu Governor Banwarilal Purohit had donated Rs 1 crore to the CM Relief Fund and to the PM CARES Fund respectively. Earlier this month, Chief Minister Edappadi K Palaniswami said he has cleared utilisation of Rs 1 crore from the MLA Local Area Development Scheme (MLALADS) for COVID-19 relief work.
Tata Trusts has committed Rs 500 crore to help fight the spread of novel coronavirus in the form of Personal Protective Equipment (PPE). Following suit, Tata Sons pledged an additional Rs 1,000 crore.
Earlier this month, Tata Group announced that it was setting up a speciality hospital in Kerala’s Kasaragod district. According to reports, the hospital, set up using the group’s Corporate Social Responsibility (CSR) fund, will have 540 isolation beds and quarantine facilities for 450. This new hospital will be constructed using prefabrication technology and will come up at the Thekkil village in the Chemnad gram panchayat. In prefabrication technology, a technique aids in fast construction, parts of the structure that are already built are assembled at the construction site.
The Tata culture of giving back flows from the tradition of nation and community building sowed more than a century back by Jamsetji Tata, the Founder of the group. Tata companies are involved in a wide variety of community development projects, which relate to skills training and entrepreneurship, livelihoods and women empowerment.
Tata companies work towards empowering people by helping them develop the skills they need to succeed in a global economy. The group equips communities with information, technology and the capacity to achieve improved health, education and livelihood outcomes.
Tata Group, privately owned conglomerate of nearly 100 companies encompassing several primary business sectors: chemicals, consumer products, energy, engineering, information systems, materials, and services. Headquarters are in Mumbai.
Tata during the COVID-19 Crisis
Tata group companies will ensure full payments to their temporary workers and daily wage earners, for March and April, working across their offices and production sites in India even if they fail to report for work due to precautionary measures, including site closures, in view of the Covid-19 outbreak.
"The current situation is likely to have a large and deep financial impact on the weaker socio- economic segments of our society," N Chandrasekaran, chairman, Tata Sons Pvt Ltd, said in a statement while announcing the measure.
He added that group companies would ensure that all dues to micro, small and medium enterprises working with them are paid off immediately to provide them with liquidity.
"The other segment of particular focus is the Micro, Small and Medium Enterprise (MSME) sector. Our group companies follow a policy of making timely payments of legitimate dues," he said.
Terming the Covid-19 outbreak a major global crisis, Chandrasekaran said that all Tata group companies have been asked to exercise extreme caution, while enabling work from home.
"We have asked our companies in India to rapidly and extensively adopt WFH to ensure that employees travel only in the most essential cases, excluding situations in which they are involved in the delivery of products and services for the larger public good," he said expressing his concerns about the health and safety of employees and the suppliers involved in the ecosystem.
"These are tough and uncertain times, and the nation needs our collective efforts. Each day matters in our fight against this disease," he added.
Tata group firm Indian Hotel Company Ltd (IHCL) on Friday said a committee of the company has approved raising of Rs 150 crore by issuing securities on private placement basis to Axis Bank.