Tata Motors to raise Rs 500 crore through non-convertible debentures

Automobile giant Tata Motors Limited on Wednesday said that “It will be raising Rs 500 crore through the issuance of non-convertible debentures on private placement basis.”

In a filing with the stock exchange, the company said, “The board approved committee has approved the allotment of 5000 rated, listed, unsecured, redeemable, non-convertible debentures E28-B series of the face value of Rs 10 lakh each at par, aggregating Rs 500 crore.”

“The company will raise the fund in two tranches, Rs 250 crore each on the private placement basis,” the filing said.

Commenting on the listing the company said, “The NCDs are proposed to be listed on the Wholesale Debt Market (WDM) segment of Bombay Stock Exchange and National Stock Exchange.”