Tata Motors on Tuesday said a board constituted committee has approved raising up to ₹1,000 crore via issue of non-convertible debentures on a private placement basis.
A meeting of the duly authorised committee held on Tuesday approved the offer for subscription, on a private placement basis, up to 10,000 rated, listed, unsecured, redeemable, non-convertible debentures (NCDs) of face value ₹10,00,000 each at par aggregating up to ₹1,000 crore, Tata Motors said in a regulatory filing.
These will be issued in three tranches of ₹500 crore, ₹300 crore and ₹200 crores with redemptions due on September 30, 2022, November 28, 2022 and December 29, 2022 respectively, it added.
The company further said interest payable will be subject to discovery after open book bidding on BSE platform.
Shares of Tata Motors were trading at ₹84.95 per scrip, higher by 1.25 per cent on the BSE.
