Tata Motors board approved committee gives nod to raise Rs 500 cr

Tata Motors on Wednesday said it will allot non-convertible debentures aggregating Rs 500 crore on a private placement basis.

The auto major said 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 in two tranches of Rs 250 crores 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. The announcement was made during market hours today, 26 February 2020.

 

Tata Motors' consolidated net profit surged 144.9% to Rs 1,738.93 crore on a 6.8% decline in net sales to Rs 71,051.42 crore in Q3 December 2019 over Q3 December 2018.

Tata Motors is engaged in manufacture of motor vehicles. It is engaged mainly in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the company. The firm's segments include automotive operations and all other operations.

Shares of the auto major dropped 3.94% to Rs 143.95. The stock traded in range of Rs 147.95 and Rs 143.85 so far.

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