TRF Limited announced a private placement of 25,000,000 11.25% optionally convertible redeemable preference shares at a price of INR 10 per share for gross proceeds of INR 250,000,000 and 239,000,000 12.17% non-convertible redeemable preference at an issue price of INR 10 per share for gross proceeds of INR 2,390,000,000 for aggregate gross proceeds of INR 2,640,000,000 on March 14, 2022. The transaction include participation from returning investor Tata Steel Limited. The convertible preference shares will carry a coupon rate of 11.25% per annum and will mature in not exceeding 18 months from date of allotment and will be convertible into common shares at the option of the Company within a period of 18 months from the date of allotment at a price determined on the relevant date from date of allotment.

The convertible preferred shares are non-cumulative, non-participating, optionally-convertible, redeemable and unsecured. The convertible preference shares will be issued in 2 tranches, first tranche of 12,000,000 convertible preferred shares and second tranche of 13,000,000 convertible preferred shares. The non-convertible preference shares will carry a coupon rate of 12.7% per annum and will mature in not exceeding 15 years from date of allotment.

The non-convertible preferred shares are non-cumulative, non-participating, non-convertible redeemable and unsecured. The transaction was approved by the board of directors of the company.