Tata Motors plans to raise Rs 3,000 crore in the next 12 months through non-convertible debentures (NCDs) or rupee denominated non-convertible foreign currency bonds on a private placement basis. The company will seek approval of shareholders to raise the sum at its upcoming AGM to be held on August 9.
“In continuation of its efforts to strengthen its capital structure, the company intends to augment the resources through a mix of internal accruals and long term borrowings,” Tata Motors said in a letter to its shareholders. It is proposed to issue NCDs and/or rupee denominated non convertible foreign currency bonds on a private placement basis aggregating up to Rs 3,000 crore, in one or more series/ tranches during the 12 month period from the date of the AGM, it added.