Tata Trent raises 100 crore from market
Tata group retail chain Trent, which operates Westside, one of India’s largest and fastest growing retail chains, has raised Rs 100 crore from the market by issuing commercial papers.
Trent said that the money will be used by to refinance its upcoming repayments.
Trent said that Credit Analysis and Research Ltd (CARE Ratings) has given a rating of ‘CARE A1’ to the commercial papers issued by the company which is relatively safe when it comes to timely payment of financial obligations, a news agency reported.
Commercial paper is a short-term debt instrument issued by a corporation to finance short-term liabilities.
Trent runs and operates the Spanish fashion brand Zara in India through a joint venture Inditex Trent, between Inditex and the Tata Group.
Trent currently operates 93 Westside stores and 18 ZARA across India. During FY16, Trent reported consolidated total income of Rs. 2463.51 crore and PAT of Rs. 63.15 crore as against total income of Rs. 2381.44 crore and PAT of Rs. 129.43 crore for FY15.
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