Tata Motors today said its board has approved to raise up to Rs 500 crore via issue of securities on a private placement basis.
A meeting of a board constituted committee has approved offering for subscription on a private placement basis up to 5,000 rated, listed, unsecured, redeemable non convertible debentures (NCDs) of face value of Rs 10 lakh each aggregating up to Rs 500 crore, Tata Motors said in a regulatory filing.
The company, however, did not share details as to how it plans to utilise the capital once raised.
Tata Motors is India's largest automobile company, with consolidated revenues of Rs 2,75,561 crore (USD 41.6 billion) in 2015-16.
Shares of the company today ended 2.11 per cent lower at Rs 457.30 apiece on BSE.
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