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Trent raises Rs 100 crore to refinance loans

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Tata Group retail arm has raised Rs 100 crore from the market by issuing commercial papers to refinance its existing borrowings, PTI reported.

Trent raises Rs 100 crore to refinance loans
The proceeds will be primarily used to refinance the existing borrowings

“The company has issued and allotted commercial paper of Rs 100 crore,” Trent said in a regulatory filing.

According to a PTI report: 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.