Tata Motors on Wednesday said it has raised Rs300 crore by issuing non-convertible debentures on private placement basis. A meeting of a duly authorised panel okayed the issuance of privately placed 3,000 NCDs of face value Rs10 lakh each at par aggregating up to Rs300 crore, the firm said in a BSE filing.
The rated, unsecured redeemable NCDs is for a tenure of 1,006 days from the date of allotment of April 27, 2016, will mature on January 28, 2019, it added. The security will be listed on both BSE and NSE, the company said. last week the company had announced that it would raise Rs300 crore via NCDs to meet requirements of its expansion plan. The fund-raising is a part of the company's plan to mop up Rs4,400 crore through issuance of NCDs in one or more tranches on a private placement basis.
Tata Motors had proposed to raise Rs4,400 crore from NCDs in May last year. The firm had stated that in continuation of its efforts to strengthen the capital structure, it intended to augment the long-term resources by substituting part of the short-term liabilities with medium to long term resources.