TATA MOTORS PLAN TO RAISE 3,000 CRORE

New Delhi, July 15: Tata Motors plans to raise ` 3,000 crore in the next 12 months through nonconvertible debentures ( NCDs) or rupee denominated non- convertible foreign currency bonds on a private placement basis.

The company will seek approval of shareholders to raise the sum at its upcoming AGM to be held on August 9.

“In continuation of its efforts to strengthen its capital structure, the company intends to augment the resources through a mix of internal accruals and long term borrowings,” Tata Motors said in a letter to its shareholders.

It is proposed to issue NCDs and/ or rupee denominated non convertible foreign currency bonds on a private placement basis aggregating up to Rs 3,000 crore, in one or more series/ tranches during the 12 month period New Delhi, July 15: After due to Non- performing is bothering investors is the respondents within the from the date of the staying on top for two assets and need for significant the slow progress on key survey have voted in AGM, it added. quarters, India slipped to recapitalisation of reforms, simplification of favour of increasing revenue. The fund will be used the third position globally public sector banks are tedious government for repayment of certain on the scale of business some of biggest concerns processes and regulatory While the business confidence NCDs/ term loans from optimism because of of Corporate India that uncertainties which is in India has plummeted, banks and to fund part of delays in key reforms like have collectively impacted impacting Indias ranking,” there is a tremendous the ongoing capital expenditure the GST and bad loans facing the business confidence Harish HV, Partner rise in the optimism during the state- owned banks, affecting the overall business India Leadership team, for an increase in exports. next 12 months as also says a report. optimism in the country,” Grant Thornton India LLP According to the survey, for general corporate

According to the latest the report said. said. 35 per cent of respondents purposes, the company Grant Thornton International Moreover, growth in “The passing of GST bill expect a rise in exports said. Business Report employment expectations which we hope will happen compared to 13 per cent in Tata Motors said its ( IBR), India ranked third dropped to second position in the current parliament the last quarter. borrowings as on March during the April- June during this period from session should The country, however, 31, 2016 aggregate quarter of 2016. top rank in the previous reverse this trend,” he continues to rank number approximately ` 15,887.25

“Delays in key reforms quarter ( January- March added. India however, continues 2 in citing regulations and crore, of which outstanding like goods and services this year), while the optimism expectations from third. in the market and to top the chart on red tape as a constraint on NCDs aggregate crore.—tax, non- resolution of tax further slipped to “This is a clear signal great business opportunity expectations of increasing growth for two consecutive to ` 5,550

disputes, banking issues fourth place in profitability that while there is optimism in India, the issue that revenue as 96 per cent of quarters. PTI