Business Line reported that armed with favorable credit ratings, Rashtriya Ispat Nigam Ltd would hit the debt market with INR 500 crore borrow plan in the Q4.

Sources said that the proposal would be placed before the RINL board for clearance next month.

This would be the first tranche of the INR 22,500 crore 10 year borrowing plan.

Though, the board had earlier cleared the long term plan, poor market condition forced the management to modify the plan several times in the past 2 years including quantum of the tranches and the implementation schedule.

Care and Crisil have assigned AA+ and AA ratings respectively with a stable credit outlook for RINL. A top company official said that going by the current trend, the INR 500 crore borrowing with 5 year tenure was expected at a maximum rate of around 9.2% to 9.3%.