MUMBAI, July 25 (Reuters) - Indian auto maker Tata Motors is planning to raise 3 billion rupees ($53.41 million) through bonds maturing in March 2015 at 9.85 percent, a source with direct knowledge of the deal told Reuters on Wednesday. HSBC is the sole arranger for the issue, said the source. ($1 = 56.1650 Indian rupees) (Reporting by Archana Narayanan; Editing by Anupama Dwivedi)