Tata Motors drop fundraising plan amid tight market conditions

Automotive manufacturer, Tata Motors, announced that it has decided to withdraw the issue for private placement of unsecured non-convertible debentures (NCDs) up to Rs 1,000 crore in view of the higher cost expectations from the market participants.

Earlier this week on May 5, the company had informed that they are planning to raise funds up to Rs 1,000 crore via NCDs on a private placement basis. However, in an exchange filing made on May 7 after the market hours, the company informed that the decision to withdraw the issuance of the above-mentioned proposal has been taken due to the tight market conditions.

Adding to this, the company said that it has sufficient liquidity for the time being and would consider the issuance of NCDs when the market condition goes back to normal.

Tata Motors, an Indian multinational automotive manufacturing company headquartered in Mumbai, is a part of Tata Group.

At 12.06 pm on Friday, the stock of Tata Motors Ltd is trading at Rs 82.65, up by 0.18 per cent against its previous close of Rs 82.50. Its 52-week high is Rs 201.80 while, its 52-week low is Rs 63.60 on BSE.