Tata Motors to withdraw Rs 1,000 cr NCD issue due to tight money market conditions

Tata Motors on Thursday said it has decided to withdraw the non-convertible debenture (NCD) issue to raise up to Rs 1,000 crore, due to "tight market conditions".

On May 5, the company said a board-constituted committee had approved raising up to Rs 1,000 crore through issue of non-convertible debentures on a private placement basis.

"We hereby inform that the company has decided to withdraw the issue for private placement of unsecured NCDs in view of the higher cost expectations from the market participants due to the tight money market conditions," Tata Motors said in a regulatory filing.

The company continues to have sufficient liquidity and would consider issuance of NCDs at an appropriate time and under normalised market conditions with necessary approvals, it added.

The board-constituted committee had approved the offer for subscription, on a private placement basis, up to 10,000 rated, listed, unsecured, redeemable, non-convertible debentures (NCDs) of a face value of Rs ...