Tata Motors on Wednesday stated its board authorised committee has given its approval for elevating ₹500 crore by means of issuance of non-convertible debentures on non-public placement foundation.
“The Board approved Committee has today approved allotment of 5000 rated, listed, unsecured, redeemable, non-convertible debentures E28-B Series of face value ₹10 lakh each, at par, aggregating ₹500 crore,” the corporate stated in a regulatory submitting.
It additional famous that the fund elevating might be “in two tranches of ₹250 crore each, on private placement basis”.
The NCDs are proposed to be listed on the Wholesale Debt Market (WDM) phase of BSE and Nationwide Inventory Change of India, it stated.
Shares of Tata Motors had been buying and selling at ₹144.45 a bit on BSE, down 3.60% from its earlier shut.