The Tata Motors organization is valued at USD 35 billion and is a principal global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses. On Monday, Tata Motors revealed that its board has accepted a proposition to raise approximately if not more than Rs.500 crore by issuing securities on a private placement basis.
The authorization committee had a meeting regarding this topic and come to the approval on a private placement basis for up to 5,000 rated, listed, unsecured, redeemable, non-convertible debentures (NCDs) of face value Rs.10 lakh each, which will then get aggregating to Rs.500 crore, mentioned the auto major in a regulatory filing.
The Mumbai-based company, Tata Motors did not accord details as to how it plans to use the capital. The company which is part of the USD 113 billion Tata Group, is India’s largest automaker with operations around the globe in India, UK, South Korea, Thailand, South Africa as well as Indonesia. In addition to that, it has a steady global network which consists of 103 subsidiaries, 10 associate companies, three joint ventures, and two joint operations as reported on March 31, 2021.
Tata Motors shares were trading in the market at 1.03% down at ₹347.15 apiece on the Bombay Stock Exchange (BSE) as per details revealed on Monday.