India's Tata Capital has given an initial ​price guidance of U.S. Treasury plus ‌140 basis points for its U.S. dollar-denominated ​bonds maturing in three-and-a-half years, ⁠two merchant bankers aware of the matter said on Wednesday.

The non-banking financial company may ‌look to raise between $400 million and $600 million through this issue, with ‌pricing to be finalised before the ‌end ⁠of this week, the bankers ⁠added. The notes would be rated BBB by S&P, and BBB- by Fitch Ratings, in line ​with the issuer's ‌own rating.

The bankers requested anonymity as they are not authorised to speak to the media. The company did ‌not reply to a Reuters ​email seeking comment.

The proceeds from the bonds will be applied for ⁠onward lending and other activities, in accordance with extant External Commercial Borrowing (ECB) guidelines.

This ‌would be the second-ever dollar debt issue by the company, which is part of the Tata Group conglomerate.

In January 2025, the company raised $400 million through its debut dollar debt issue ‌with a similar maturity and a coupon ​of 5.3890%. The paper was sold at a spread of 92 ⁠bps over Treasury. Over the last month, ⁠non-bank lender IIFL Finance raised $300 million through a four-year social bond, ‌while non-bank lender Capri Global has also initiated its plans for a ​dollar debt sale.

Published on July 15, 2026