MUMBAI : In a surprise move for many investors, Tata Motors on Thursday decided to withdraw the issue for private placement of unsecured non-convertible debentures (NCDs).
Just two days ago, the automaker's board-constituted committee had approved raising up to ₹1,000 crore by issuing NCDs on a private placement basis. "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," it said in a brief statement. "The company continues to have sufficient liquidity and will consider issuance of NCDs at appropriate time and under normalised market conditions with necessary approvals." On May 5, Tata Motors'