Tata Motors to consider raising Rs 1,000 cr via NCDs on May 20

Source : IANS
Author : IANS
Last Updated: Sat, May 16th, 2020, 09:50:17hrs
Tata Motors to consider raising Rs 1,000 cr via NCDs on May 20

Mumbai: Tata Motors on Friday said that the concerned committee of its Board will consider issuing rated, secured, redeemable non-convertible debentures (NCDs) aggregating to Rs 1,000 crore.

In a regulatory filing on the company said that it is "desirous" of offering NCDs worth up to Rs 1,000 crore.

"We would like to inform you that the company is desirous of offering Rated, Listed, Secured, Redeemable, Non-Convertible Debentures aggregating Rs 1000 crores and in this regard is holding a meeting of its duly constituted Committee of the Board on May 20, 2020," it said.

It noted that the proposed issuance is pursuant to the approval of the Board of Directors' resolution passed at its meeting held on March 27, 2020.

The statement comes around a week after the automobile major announced the withdrawal of its planned issue of unsecured NCDs aggregating upto Rs 1,000 crores on a private placement basis due to tight money market conditions.

In its statement on May 7, it had said that it continues to have sufficient liquidity and would consider issuance of NCDs at appropriatetime and under normalised market conditions with necessary approvals.