Thanks dasjo02 for the detailed answer.
Thanks crusi01 for the info, I re-checked & my policy manager version is 9.1.0 & OTK is 3.4.0
I logged into OAuth Client Manager & saw that one client for OAuth 2.0 was already there.
In List Keys I got the client_id, secret & scope values.
I used https://api.layer7gateway.com/auth/oauth/v2/token?grant_type=client_credentials&client_id=****&client_secret=****&scope=****
Added the Header & used POST Verb
It is giving me invalid client credentials 401 Unauthorized.
Any idea why I am getting an error? I am giving correct client id secret & scope as per OAuth 2.0 client.