Tata Motors Finance to raise $100 mn in debt funding from IFC

International Finance Corporation plans to offer up to $100 million (Rs 700 crore) in debt funding to Tata Motors Finance Ltd, the World Bank's private-sector investment arm said.The proposed investment comprises a senior, secured funding of up to five years either through external commercial borrowings or by subscribing to non-convertible debentures issued by the non-bank lender, IFC said in a disclosure.The company will match IFC’s investment with $300 million from other sources to create a $400 million pool for financing commercial vehicle purchases by small and medium enterprises (SMEs) in low-income states of India. Mumbai-based Tata Motors Finance is a step-down unit of automaker Tata Motors Ltd. The non-banking financial company finances the entire range of Tata Motors’ commercial vehicles and passenger cars.