Tata Motors to mop up to Rs 500 crore via NCDs

tata motors The largest Indian automobile manufacturer, Tata Motors Limited will raise up to Rs. 500 crore via issuance of NCDs (non-convertible debentures) on a private placement basis.

In a BSE filing, Tata Motors stated that a meeting of duly authorised committee was held today, 24 March 2017, approving offering for subscription on a private placement basis, up to 5000 rated, listed and unsecured, NCDs aggregating up to Rs. 500 crore.

It was In February, that the company stated that it planned to raise Rs 500 crore by offering the sixth series of NCDs. The board had endorsed the proposal on March 2. In July, 2016 Tata Motors had declared that it planned to raise Rs 3,000 crore in one year through NCDs or rupee denominated non-convertible foreign currency bonds on a private placement basis.

Shares of Tata Motors were trading flat at Rs. 472 on Bombay Stock Exchange at the mid noon hours.