MUMBAI, MARCH 7: *Tata Steel Ltd has signed an external commercial borrowing agreement for a sum of $500 million (approximately Rs 2,218 crore) at Singapore to fund its growth projects and acquisitions. According to the company’s notification with the stock exchanges here on Tuesday, the syndicated term loan facility was for $400 million, which was oversubscribed. Hence the company exercised the greenshoe option for a further sum of $100 million. The loan has a maturity period of seven years. Seventeen banks across different countries participated in the syndicated term loan facility, the notification added. The coupon of the loan would be LIBOR (london inter bank offer rate) plus 45 basis points, the notice further said. Tata Steel is under a major expansion drive that would call for huge investments. The company officials have said that they are looking at acquisitions in the South East Asian region and China. In fact the managing director of Tata Steel, B Muthuraman had gone on record saying, “We would look at acquisitions as a means for growth. Our focus would be to build a stronger base in India and pursue strategic acquisitions.â€