New Delhi, Apr 28 (PTI) Tata Motors on Monday said its board will later this week consider a proposal to raise up to Rs 500 crore through the issue of securities on a private placement basis.

A meeting of the duly constituted Committee of the Board of Directors of the Company is scheduled to be held on May 2 to consider and approve the issuance of rated, listed, unsecured, redeemable, non-convertible debentures on a private placement basis aggregating up to Rs 500 crore, the automaker said in a regulatory filing.

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The company did not share details of how it plans to utilise the raised capital.

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