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ata Motors, India's biggest automotive company, today said that it will buy back non-convertible debentures of Rs 1250 crore to restructure debt.
The secured NCDs which were issued in May 2009 have maturity date of March 31, 2016. The buy back is a part of the company's debt restructuring programme to ensure a healthy debt-equity mix, balanced maturity profile, better terms that would include lower cost of debt, Tata Motors stated.
The company's board will meet on March 25, 2015, to consider and approve the proposal.
Also, details of the terms of its proposed rights issue of Ordinary shares and 'A' Ordinary share aggregating upto Rs 7,500 crores, including the issue price, rights entitlement ratio and the Book closure for issuance of the securities to the existing shareholders of the company will also be discussed.
