TATA MOTORS GETS BOARD NOD TO RAISE ₹1,000 CR

MUMBAI: Tata Motors Ltd Tuesday said it will raise ₹1,000 crore by selling non-convertible debentures or NCDS, as automakers continue to raise capital amid a squeeze on cash flows due to the lockdown. “We wish to inform you that the Board approved Committee has today approved allotment of 10,000 rated, listed, secured, redeemable, non-convertible debentures E29-A series of face value ₹10,00,000 each, at par, aggregating ₹1,000 crores on private placement basis,” the Mumbai-based company said in a regulatory filing. Tata Motors said all the 10,000 NCDS will be allotted to the SBI at an interest rate of 8.80% per annum.