Mumbai (Maharashtra), Nov. 14 -- : Automobile manufacturer Tata Motors said on Thursday that its board of directors has approved the pricing and tenure of 500 million dollars (about Rs 3,572 crore) fundraise through bonds to be issued later this month.

Tranche one and two will be of Rs 200 crore each and mature on June 30, 2023 and September 29, 2023 while tranche three will be of Rs 100 crore and mature on June 28, 2024.

Tata Motors said Crisil has assigned double A-minus rating with negative outlook through a letter on October 23. Two days ago, global rating agency Moody's Investors Service allotted a Ba3 rating to the proposed senior unsecured notes with a negative outlook.

However, Moody's viewed Tata Motors preferential allotment of...