Tata Motors (TML) on Saturday said it plans to raise Rs 300 crore through issuance of non-convertible debentures (NCDs) to meet its expansion plan.
The fund-raising is a part of the company’s plan to mop up Rs 4,400 crore through issuance of NCDs in one or more tranches on a private placement basis.
“TML is desirous of issuing the first series of its rated, listed, unsecured, redeemable, NCDs aggregating up to Rs 300 crore, and in this regard is holding a meeting of its duly constituted committee of Senior Executives and Directors on April 27,” Tata Motors said in a BSE filing.
In May last year, Tata Motors had proposed to raise Rs 4,400 crore from NCDs to meet its expansion plan.
“It is proposed to issue NCDs on a private placement basis aggregating up to Rs 4,400 crore, in one or more series/tranches during the 12 months with an intention to substitute the short term liabilities/borrowings and for financing, part of the ongoing capital expenditure during the next 12 months as also for general corporate purposes,” Tata Motors had said in its annual report.