Tata Motors raises $750 mln
Tata Motors raised $750 million (around Rs 3500 crore) through the issue of Global Depository Shares and Foreign Currency Convertible Notes on 9th Oct 09.
The proceeds will be use by company to repay the balance of the bridge loan it had raised for acquiring Jaguar and Land Rover. The company had taken $700-million for the acquisition of JLR, and it will pay the whole debt by this fund.
Tata Motors issued 2.99-crore equity shares in the form of Global Depository Shares (GDS) at $12.54 (approximately Rs 583.11) each aggregating $375 million and 3750 four per cent coupon convertible notes at $100000 per note aggregating $375 million.
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