Tata Motors to consider raising Rs 1,000 cr via NCDs next week

Tata Motors today said it will consider a proposal to raise up to Rs 1,000 crore by issuing non convertible debentures next week.

The company is desirous of offering the ninth series of its rated, listed, unsecured, redeemable, non convertible debentures (NCDs) aggregating to Rs 1,000 crore in one or more tranches, Tata Motors said in a regulatory filing.

In this regard, the company plans to hold a meeting of its duly constituted committee of the board on July 26, it added.

The above issuance is pursuant to the approval of its shareholders at 71st annual general meeting (AGM) held on August 9, 2016 and a resolution passed by members on February 14, 2017.

The company, however did not share details as to where it plans to utilise the capital, once raised.

Tata Motors, a USD 42 billion organisation, is a leading global automobile manufacturer of cars, utility vehicles, buses, trucks and defence vehicles.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)