Tata Motors on Monday 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 subscription of up to 5,000 rated, listed, unsecured, redeemable, non-convertible debentures (NCDs) of face value of Rs 10 lakh each, aggregating up to Rs 500 crore, the auto major said in a regulatory filing.

The Mumbai-based company, however, did not share details as to how it plans to use the capital.

Shares of the company were trading 1.03 per cent down at Rs 347.15 apiece on the BSE.

Shriram Transport

Non-banking finance company Shriram Transport Finance (STFC) on Monday said it has raised Rs 1,998.98 crore through its qualified institutional placement (QIP) issue.

The issue, which was launched on June 7, 2021, received 6.3 times oversubscription, a company release said.

Several foreign institutional investors and domestic institutional investors participated in the QIP issue.

The issue was priced at Rs 1,430 per share, representing a discount of 0.23 per cent to the Sebi floor price of Rs 1,433.32.

The company said its board also approved on June 7, 2021 a preferential issue of Rs 500 crore, equally split between equity shares and convertible warrants to the promoter, Shriram Capital Limited, at the issue price of Rs 1,440 per security.