Mumbai: Tata Group firm Tata Motors said on 11 March it plans to raise up to Rs4,000 crore through issue of securities in the domestic and international markets, for business expansion plans.
The company’s board of directors approved the proposal to raise additional long term resources up to Rs4,000 crore by way of issuing securities.
In a filing to the Bombay Stock Exchange, the firm said it plans to expand its position in the domestic and global markets in both the commercial vehicle and passenger vehicle business.
“This will be achieved by upgrading and enhancing the company’s product portfolio, expanding manufacturing facilities in India and strategic acquisitions/alliances in India and abroad,” it added.
According to the company, the funds are being raised to part-finance overall funding requirements of some of the strategic plans.
Shares of the firm were trading at Rs659 late afternoon, down 2.21% on the BSE.