Home-grown auto major Tata Motors today said it would consider raising Rs 500 crore by issuing non-convertible debentures (NCDs) and will hold a board meeting in this regard on March 24. “The company is desirous of offering the seventh series of its rated, listed, unsecured, redeemable, NCDs aggregating to Rs 500 crore and in this regard is holding a meeting of its duly constituted committee of the board on March 24, 2017,” Tata Motors said in a BSE filing.
In February, the company had stated that it planned to raise Rs 500 crore by offering the sixth series of NCDs. The board had approved the proposal on March 2. Last year in July, Tata Motors had announced it planned to raise Rs 3,000 crore in 12 months through NCDs or rupee denominated non-convertible foreign currency bonds on a private placement basis.
Watch this also:
The company had stated that it planned to use the fund for repayment of certain NCDs/term loans from banks and to finance part of the ongoing capital expenditure during the next 12 months as also for general corporate purposes.
Shares of Tata Motors closed 0.07 per cent down at Rs 476 on BSE.