Tata Motors receives the go-ahead from the committee formed by the board to raise Rs 1,000 cr through the ENT

NEW DELHI: Tata Motors On Tuesday he said that a committee made up of the board approved the collection of up to Rs. Rs 1 billion by issuing non-convertible bonds in a private placement.

A meeting of the duly authorized committee held on Tuesday approved the offer for subscription, on a private placement basis, up to 10,000 rated, listed, unsecured, redeemable, non-convertible debentures (NCDs) of face value Rs 10,00,000 each at par aggregating up to Rs 1,000 crore, Tata Motors said in a regulatory filing.

These will be issued in three tranches of Rs 500 million, Rs 300 million and Rs 200 million with redemptions due on September 30, 2022, November 28, 2022 and December 29, 2022, respectively, he added.

The company also said that the interest payable will be subject to discovery after an open book offer on the BSE platform.

Shares of Tata Motors were trading at Rs 84.95 per scrip, higher by 1.25 per cent on the BSE.