New Delhi: Stock market today opened on a positive note and Tata Motors and Centrum Capital Ltd have made hefty gains, according to data on BSE India website. Tata Motors LTD. share price is trading at 80.12 points or 19.02 per cent higher at Rs 500.85. Centrum Capital Ltd share price was up by 15.02 per cent at Rs 45.95, the data on BSE India website showed on Wednesday.Also Read - Tata Motors launches Indigo and Indica emax CNG variants

Tata Motors Share Price, Centrum Capital Share Price Today

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Automobile manufacturer Tata Motors on Tuesday entered into a binding agreement with TPG Rise Climate to raise USD 1 billion for its newly-incorporated subsidiary dealing with the passenger electric vehicle (EV) business, according to IANS report. Also Read - Tata Motors introduces Tata Motors Service for passenger vehicles

TPG Rise Climate along with its co-investor ADQ shall invest in a subsidiary of Tata Motors that will be newly incorporated. Moreover, TPG Rise Climate along with the co-investors shall invest Rs 7,500 crore in compulsory convertible instruments to secure between 11 and 15 per cent stake in this company, translating to an equity valuation of up to USD 9.1 billion, according to the IANS report. Also Read - Tata Sumo Gold facelift launched at Rs 5.83 lakh

According to Tata Motors, the new company shall leverage all the existing investments and capabilities of Tata Motors and will channelise the future investments into electric vehicles, dedicated ‘BEV’ platforms, advanced automotive technologies and catalyse investments in charging infrastructure and battery technologies, the IANS report says.

Four months after giving an in-principle nod to Centrum Financial Services and BharatPe to establish a small finance bank, the RBI on Tuesday granted a licence to the consortium that had expressed interest to take over the crisis-impacted Punjab and Maharashtra Cooperative (PMC) Bank, as per a PTI report.

In a joint statement, Centrum and BharatPe, which are uniting equally to build the SFB, said the RBI’s final approval has been received earlier in the day, and this is the first time in six years that the central bank has given a banking licence, the PTI report says.