Tata Motors raises Rs 300 crore via NDCs

Tata Motors on Wednesday said it has raised Rs 300 crore by issuing non-convertible debentures (NCDs) on private placement basis.

A meeting of a duly authorised committee approved the issuance of privately placed 3,000 NDCs of face value of Rs 10 lakh each at par aggregating up to Rs 300 crore, the company said in a BSE filing.

The rated, unsecured redeemable NDCs are for a tenure of 1,006 days from the date of allotment of April 27, 2016, and will mature on January 28, 2019, it added.

The security will be listed on both BSE and NSE, the company said.

Last week, the company had announced that it would raise Rs 300 crore via NCDs to meet requirements of 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.

Tata Motors had proposed to raise Rs 4,400 crore from NCDs in May last year.

The company had stated that in continuation of its efforts to strengthen the capital structure, it intended to augment the long-term resources by substituting part of the short-term liabilities with medium to long term resources.

Tata Motors stock was trading at Rs 415.85, down 0.82%, on BSE.