Tata Motors plans to raise up to Rs500 crore via NCDs
Tata Motors says board committee will meet next week to consider raising funds through non-convertible debentures (NCDs)
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New Delhi: Tata Motors on Friday said a committee of the board will meet next week to consider raising Rs500 crore through non-convertible debentures (NCDs).
“The company is desirous of offering the eighth series of its rated, listed, unsecured, redeemable NCDs aggregating to Rs500 crore,” the Mumbai-based auto major said in a regulatory filing.
In this regard, a duly constituted committee of the board would meet on 21 June, it added.
The NCD issuance is pursuant to the approval of the shareholders at the company’s 71st AGM last year. The company, however did not disclose reasons for raising the capital.