Tata Motors considering to raise Rs 500 cr

Mumbai, Feb 23 (IANS) Automobile major Tata Motors on Thursday said it is considering to raise Rs 500 crore through issuance of unsecured redeemable non-convertible debentures (NCDs).

“The company is desirous of offering the sixth 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 02, 2017,” the company said in a regulatory filing.

According to the automobile major, the move to issue the NCDs is in accordance with the approval of the shareholders which was obtained by a special resolution at the 71th Annual General Meeting (AGM) held on August 9, 2016, and the resolution of the Board of Directors passed at its meeting held on February 14, 2017.

–IANS

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