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Tata Motors Finance to raise 5B rupees in asset-backed securities

Tata Motors Finance Ltd. plans to raise 5 billion rupees by selling securities backed by loans, The Economic Times reported March 24.

The company plans to sell the securities before the end of fiscal 2017-2018 to free up cash for lending in the next fiscal year. The company will sell the securities in private transactions with banks.

As of March 23, US$1 was equivalent to 64.97 Indian rupees.