Tata Motors gets nod from board constituted committee to raise Rs 1,000 cr via NCDs

Tata Motors on Tuesday said a board constituted committee has approved raising up to Rs 1,000 crore via issue of non-convertible debentures on a private placement basis.

A meeting of the duly authorised committee held on Tuesday approved the offer for subscription, on a private placement basis, up to 10,000 rated, listed, unsecured, redeemable, non-convertible debentures (NCDs) of face value Rs 10,00,000 each at par aggregating up to Rs 1,000 crore, Tata Motors said in a regulatory filing.

These will be issued in three tranches of Rs 500 crore, Rs 300 crore and Rs 200 crores with redemptions due on September 30, 2022, November 28, 2022 and December 29, 2022 respectively, it added.

The company further said interest payable will be subject to discovery after open book bidding on BSE platform.

Shares of Tata Motors were trading at Rs 84.95 per scrip, higher by 1.25 per cent on the BSE.