Tata Motors shares up nearly 2 per cent on fund raising plans

New Delhi: Shares of Tata Motors today rose nearly 2 per cent after the company said a committee of the board will meet next week to consider raising Rs 500 crore through non-convertible debentures (NCDs).

The stock gained 1.57 per cent to settle at Rs 455.50 on BSE. During the day, it went up by 2.19 per cent to Rs 458.30. At NSE, shares of the company rose 1.66 per cent to close at Rs 455.75.

On the volume front, 5.59 lakh shares of the company were traded on BSE, and over 70 lakh shares changed hands at NSE during the day. “The company is desirous of offering the eighth series of its rated, listed, unsecured, redeemable NCDs aggregating to Rs 500 crore,” the Mumbai-based auto major said in a regulatory filing. In this regard, a duly constituted committee of the board would meet on June 21, it added.

The NCD issuance is pursuant to the approval of the shareholders at the company’s 71st AGM last year. The company, however, did not disclose reasons for raising the capital.