Tata Motors on Wednesday said its board has okayed the pricing and tenure of $ 300 million (over Rs 2,163.37 crore) fund raise, through bonds to be issued later this month.
The committee authorised by the board at its meeting held on November 13, 2019 has approved the pricing, tenure and other terms of $ 300 million 5.875 per cent senior notes due 2025, Tata Motors said in a regulatory filing.
The company said the bonds will be issued to investors identified by the committee and will be listed on Singapore Exchange Securities Trading Ltd.
Tenure of the instrument is from November 20, 2019 to May 20, 2025.
The coupon of 5.875 per cent per annum is to be payable semi-annually in arrear on May 20 and November 20 of each year, Tata Motors said.
Shares of Tata Motors on Wednesday closed 0.81 per cent lower at Rs 170.60 on the BSE.