The board of Tata Motors has resolved to raise $400 million as foreign bonds.
According to the company, the bond will be used to repay its debt, part of which is due next month.
The company explained that after restructuring in 2017, Tata Motors Finance Holdings has become the holding company for the financial services business of Tata Motors.
The Tata group also runs a separate financial services business under the umbrella of Tata Capital.
While Tata Motors Finance funds new vehicles of Tata Motors, its promoter, Tata Motors Finance Solutions (TMFSL) funds pre-owned vehicle financing business and its dealers.
