Tata Motors Ltd raises Rs 1,000 crore via NCDs

Tata Motors today informed the bourses that the board committee has approved the allotment of 10,000 rated, listed, secured, redeemable, non-convertible debentures (NCDs) E29-A series of face value Rs 10,00,000 each, at par, aggregating Rs 1,000 crore on private placement basis.

The NCDs are proposed to be listed on wholesale debt market (WDM) segment of BSE and NSE. Besides, the interest payable on it is 8.8 per cent per annum.

Earlier, the company had informed that nearly 200 dealerships and 300 workshops for passenger vehicles and over 400 sales outlets and 885 workshops for commercial vehicles have begun operations, following new set of standard operating procedures.

The stock of Tata Motors today opened gap-up at Rs 83.85 as against its previous close of Rs 82.75 and later, it surged nearly 3.5 per cent to touch an intraday high of Rs 85.65. However, during the closing session, the stock cooled down and settled for the day at Rs 83.1, up by 0.42 per cent.

Tata Motors is India’s largest automobile company. Through subsidiaries and associate companies, Tata Motors has operations in UK, South Korea, Thailand, South Africa and Indonesia. Among them is Jaguar Land Rover, business comprising of the two iconic British brands.