Tata Motors on Tuesday said its board has approved a proposal to raise up to Rs 500 crore through the issue of securities on a private placement basis. A meeting of the duly authorised committee has approved for subscription, on a private placement basis, up to 5,000 rated, listed, unsecured, redeemable, non-convertible debentures (NCDs) E30-B Series of face value Rs 10,00,000 each aggregating up to Rs 500 crore, the auto major said in a regulatory filing.

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The Mumbai-based company, however, did not share details as to how it plans to use the capital. Tata Motors is a USD 35 billion organisation. It is a leading manufacturer of cars, utility vehicles, pick-ups, trucks and buses.

Part of the USD 113 billion Tata group, the auto major has operations in India, the UK, South Korea, Thailand, South Africa, and Indonesia through a strong global network of 103 subsidiaries, ten associate companies, three joint ventures and two joint operations as on March 31, 2020.