Tata Motors on Tuesday said that it was looking to raise Rs 1,000 crore through issue of debentures.

“The company wants to offer rated, listed, unsecured, redeemable, non-convertible debentures aggregating Rs 1,000 crore in three tranches,” Tata Motors said in a letter to bourses.

The company is planning to hold a meeting of its duly constituted committee of the board on May 5.

It disclosed that the fund-raising is pursuant to the approval of the board’s resolution passed at its meeting held on March 27.

Shares of Tata Motors on Tuesday settled with gains of 2.26 per cent, or Rs 1.70, at Rs 76.95 at the BSE.Earlier this month, the company had reported an 82.69 per cent decline in total sales to 12,924 units for March. Tata Motors had sold a total of 74,679 units in same period last year.

TVS plan

TVS Motor Company on Tuesday said it will raise up to Rs 500 crore through the issue of securities on a private placement basis.

The company’s board, which met on Tuesday, has approved the issuance of non-convertible debentures, aggregating up to Rs 500 crore on a private placement basis.