Tata Motors to raise Rs 500 crore via non-convertible debentures

Indian auto major Tata Motors on Thursday said its Board will hold a meeting next week to consider raising Rs 500 crore through private placement of non-convertible debentures (NCDs).

"The company is desirous of offering the sixth series of its rated, listed, unsecured, redeemable, NCDs aggregating to Rs 500 crore and in this regard is holding a meeting of its duly constituted Committee of the Board on March 2, 2017," Tata Motors Ltd said in a BSE filing.

"The above issuance is pursuant to the approval of the shareholders passed vide special resolution at the 71th Annual General Meeting of the company held on August 9, 2016 and the Board of Directors' resolution passed at its meeting held on February 14, 2017," it added.

Tata Motors shares were trading 0.20 per cent lower at Rs 459.25 on the BSE.