Tata Motors plans to raise up to Rs 500 crore through NCD
DSIJ Intelligence / 16 Jun 2017
Tata Motors’ committee of the board of directors will meet next week to consider raising Rs 500 crore through non-convertible debentures (NCDs).
Tata Motor's committee of the board of directors will meet next week to consider raising Rs 500 crore through non-convertible debentures (NCDs). The company is willing to offer the eighth series of its listed, rated, unsecured, redeemable NCDs aggregating to Rs 500 crore. However, it did not disclose reasons for raising the capital.
The share price of Tata Motors increased 1.37% at Rs 454.6 on an intraday basis. The company’s share price has touched 52-week high at Rs 598.60 on September 7, 2016. Its stock price has touched 52-week low at Rs 417.1 on May 8, 2017.
In order to decide on the proposed NCD issue, Tata Motor's committee of the board would meet on June 21. The NCD issuance is pursuant to the approval of the shareholders at the company's 71st AGM last year.
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