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Photo: Ramesh Pathania/Mint
Photo: Ramesh Pathania/Mint

Tata Motors to raise Rs1,000 crore via NCDs

Tata Motors says its board will meet on 5 May to consider raising fund up to Rs1,000 crore through non convertible debentures

Tata Motors Ltd on Tuesday announced that its board will meet on 5 May to consider raising fund up to Rs1,000 crore through non convertible debentures.

"We would like to inform you that the Company is desirous of offering Rated, Listed, Unsecured, Redeemable, Non-Convertible Debentures aggregating Rs1,000 crores in three tranches and in this regard is holding a meeting of its duly constituted Committee of the Board on May 5, 2020," the company said in a notice to exchanges.

Earlier this month, S&P Global Ratings had downgraded Tata Motors’ senior unsecured notes from B+ to B on weakening credit metrics because of the economic impact of the coronavirus.

India’s automakers are staring at an uncertain future, unsure when they would be able to reopen their factories closed for nearly a month due outbreak of covid-19.

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