Tata Motors’ share price continued to gain on Thursday as the company announced plans to buy back external commercial borrowing (ECB) bonds.
What Happened: The automobile major in the after-market hours on Wednesday announced plans to buy back ECB bonds worth $250 million (around ₹2,000 crore). These senior notes issued by the company in 2014 are listed on the Singapore Exchange Securities Trading Limited.
See Also: How To Buy Tesla Shares In India
The Company has commenced a tender offer inviting the holders of the ECB Bonds ("BondHolders") to offer to sell their ECB bonds for cash. The move as the company booked its second consecutive green quarter after booking a loss for seven consecutive quarters.
Price Action: Tata Motors’ share price was edged slightly lower by 0.1% to trade at ₹525.75 as markets opened on Thursday.
Get Ring The Bell, Benzinga India’s weekly briefing. Designed specifically for investors like you.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.