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 securities to stockholders for about Rs867 $21.48 a share, or about a 35% premium to the Rs650 closing price on the National Stock Exchange of India on August 6.
Citi was the sole global coordinator,...
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