Tata Motors on Friday said its board will meet next week to consider a proposal to raise funds through various means.
While its board of directors will meet on May 18 to consider and approve the audited financial results for the quarter and financial year ended March 2021, they will also consider a proposal to raise funds.
“The board in the said meeting would also consider a proposal for raising funds by way of issue of one or more instruments, including convertible securities of any description or debt securities, through preferential issue, private placements, rights issue or any other methods or combination thereof in the domestic and/or international markets,” Tata Motors said in a communication to the stock exchanges on Friday.
However, the company did not disclose the timeline or the quantum that it intends to raise.
Shares of the firm on Friday ended at Rs 312.35 on the BSE — a loss of 4.14 per cent over the previous close. At present, it has a market cap of Rs 1,03,709.81 crore.
Last month, Tata Motors said it has set in motion a business plan to protect and serve the interests of its customers, dealers and suppliers as the lockdowns enforced in various parts of the country are expected to impact vehicle demand temporarily.