Tata Motors plans to raise Rs 1,000 cr through issuance of non-convertible debentures
Tata Motors on Friday said it is planning to raise Rs 1,000 crore through issuance of securities
New Delhi: Tata Motors on Friday said it is planning to raise Rs 1,000 crore through issuance of securities.
The company is desirous of offering rated, listed, secured, redeemable, non-convertible debentures (NCDs) aggregating Rs 1,000 crore, Tata Motors said in a regulatory filing.
In this regard, the auto major will hold a meeting of its duly constituted committee of the board on 20 May, 2020, it added.
The above issuance is pursuant to the board's approval on 27 March, Tata Motors said.
Last week, Tata Motors had decided to withdraw an NCD issue to raise up to Rs 1,000 crore, due to tight market conditions.
On 5 May, the company said a board-constituted committee had approved raising up to Rs 1,000 crore through issuance of NCDs on a private placement basis.
Then on 7 May, it said in a regulatory filing: "We hereby inform that the company has decided to withdraw the issue for a private placement of unsecured NCDs in view of the higher cost expectations from the market participants due to the tight money market conditions."
The company continues to have sufficient liquidity and would consider issuance of NCDs at an appropriate time and under normalised market conditions with necessary approvals, it had noted.
The company had planned to issue the NCDs in three tranches of Rs 500 crore, Rs 300 crore and Rs 200 crore with redemptions due on 30 September, 2022, 28 November, 2022 and 29 December, 2022, respectively.
Tata Motors shares were trading 0.66 percent up at Rs 83.25 apiece on the BSE.
It is quite apparent like its predecessors General Motors and Harley-Davidson, Ford too failed to create a space for itself in the highly competitive and price-sensitive Indian auto market
Tata Motors has now sold over 10,000 electric vehicles in India, more than 1,000 of them sold in August
With the Nexon EV, Tigor EV Ziptron and Xpres-T EV, Tata Motors currently holds more than 70 percent of India’s electric vehicle market; to launch 10 EVs by 2025.
Tata Safari Gold Edition launched to mark IPL 2021 resumption: Gets ventilated seats, wireless CarPlay
Marking the restart of the IPL 2021 cricketing league, Tata Motors has launched the Tata Safari Gold Edition with prices starting at Rs 21.90 lakh.