Industry

Tata Motors’ board approved committee gives nod to raise ₹500 crore

Moody’s rating outlook for Tata Motors is negative.

Moody’s rating outlook for Tata Motors is negative.   | Photo Credit: Vijay Soneji

Shares of Tata Motors were trading at ₹144.45 a piece on BSE.

Tata Motors on Wednesday said its board approved committee has given its approval for raising ₹500 crore through issuance of non-convertible debentures on private placement basis.

“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 company said in a regulatory filing.

It further noted that the fund raising will 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) segment of BSE and National Stock Exchange of India, it said.

Shares of Tata Motors were trading at ₹144.45 a piece on BSE, down 3.60% from its previous close.

Why you should pay for quality journalism - Click to know more

Recommended for you
This article is closed for comments.
Please Email the Editor

Printable version | Apr 3, 2020 8:15:42 AM | https://www.thehindu.com/business/Industry/tata-motors-board-approved-committee-gives-nod-to-raise-500-crore/article30919806.ece

Next Story