Tata Steel Ltd. (TATA) which is considered as one of the biggest steel producers of the country is looking forward to raise near about 15 billion rupees ($332 million) in sale of rupee perpetual bonds by a non-finance company. This has been informed by the experts. This is going to be the country’s first sale of rupee perpetual bonds by a non-finance company.

It has also been informed from a secret source that the sale will be set up by JPMorgan Chase & Co. (JPM) along with ICICI Bank Ltd. (ICICIBC).

The unnamed person has also informed that the Mumbai-based company will pay a coupon of 11.8 percent on the bonds, which can’t be called for redemption for the first 10 years.

In the month of November, Chief Financial Officer of Tata Steel Group, Mr. Koushik Chatterjee had announced a 70 billion rupee fundraising plan.

Moreover, the bonds will be included in the 3.53 billion pounds ($5.6 billion) of loans Tata Steel obtained on Sept. 29. The 34.8 billion rupees were raised from a share sale in January. This was done to restore debt which was used to buy Corus Group Plc in 2007 for $12.9 billion.