Tata Motors on Monday said its board has approved a proposal to raise up to Rs 500 crore through the issue of securities on a private placement basis. A meeting of the duly authorised committee has approved subscription, on a private placement basis, up to 5,000 rated, listed, unsecured, redeemable, non-convertible debentures (NCDs) of face value Rs 10 lakh each, aggregating up to Rs 500 crore, the auto major said in a regulatory filing.
The Mumbai-based company, however, did not share details as to how it plans to use the capital. Shares of the company were trading 1.03 per cent down at Rs 347.15 apiece on the BSE. Tata Motors, a USD 35 billion organisation, is a leading global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses.
Part of the USD 113 billion Tata group, the company is India’s largest automaker with operations in India, the UK, South Korea, Thailand, South Africa, and Indonesia through a strong global network of 103 subsidiaries, 10 associate companies, 3 joint ventures and 2 joint operations as on March 31, 2020.