Tata Motors today said a committee of the board will meet next week to consider raising Rs 500 crore through non-convertible debentures (NCDs). “The company is desirous of offering the eighth series of its rated, listed, unsecured, redeemable NCDs aggregating to Rs 500 crore,” the Mumbai-based auto major said in a regulatory filing. In this regard, a duly constituted committee of the board would meet on June 21, it added. The NCD issuance is pursuant to the approval of the shareholders at the company’s 71st AGM last year.
The company, however, did not disclose reasons for raising the capital. Tata Motors shares were trading 1.53 per cent higher at Rs 455.30 apiece on BSE today.