Tata Motors gets nod to raise Rs 500 cr through non-convertible debentures

Tata Motors on Wednesday said its board approved committee has given its approval for raising Rs 500 crore through issuance of non-convertible debentures on private placement basis.

"The Board approved Committee has today approved allotment of 5000 rated, listed, unsecured, redeemable, non-convertible debentures E28-B Series of face value Rs 10 lakh each, at par, aggregating Rs 500 crore," the company said in a regulatory filing.

It further noted that the fund raising will be "in two tranches of Rs 250 crore each, on private placement basis".

The NCDs are proposed to be listed on the Wholesale Debt Market (WDM) segment of BSE and National Stock Exchange of India, it said.

Shares of Tata Motors were trading at Rs 144.45 a piece on BSE, down 3.60 per cent from its previous close.