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.

The company will issue up to 5,000 rated, listed, unsecured, redeemable, non-convertible debentures (NCDs) E30-B Series of face value of Rs 10,00,000 each, aggregating up to Rs 500 crore. However, Tata Motors did not share the details of how it will use the capital.

The Tata Motors shares ended lower by 2.15 per cent, or Rs 6.65, at Rs 302.05 apiece on the BSE on Tuesday.