Tata Capital board to meet next week to decide on rights issue plans

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Tata Capital board to meet next week to decide on rights issue plans - Business Standard

Quick Summary:

Interestingly, in addition to the rights issue, the company is also looking to raise Rs 15,000 crore ($1.72 billion) through debt, including the issuance of green bonds and non-convertible debentures.

The RBI had also classified Tata Sons as an NBFC-upper-layer entity, but the Tata group company has prepaid all its debt and applied to the RBI seeking an exemption.

The board’s meeting, to discuss the size and timing of the rights issue, came shortly after the company sought shareholders’ approval in January to amend its Articles of Association (AoA) to align with the provisions of the Companies Act, 2013.