Tata Motors plans to raise Rs 400 crore through issuance of non-convertible debentures (NCDs) and a committee of the board is due to meet on Thursday in this regard.
"The company is desirous of offering the fourth series of its rated, listed, unsecured, redeemable, NCDs aggregating to Rs 400 crore and in this regard is holding a meeting of its duly constituted committee of the board on July 28, 2016," Tata Motors Ltd said in a regulatory filing.
The above issuance is pursuant to the shareholders nod at its 70th AGM held on August 13, 2015 and the board of directors' resolution passed at its meeting held on March 30, 2016, it added.
Earlier this month, the auto major had announced to raise Rs 400 crore by offering the third series of its rated, listed, unsecured, redeemable NCDs.
Tata Motors stock today ended at Rs 508.90 apiece on the BSE, up 0.49 per cent from previous close.
Source : auto.economictimes.indiatimes.com