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Tata Motors raises $750 million
Tata Motors raises $750 million selling securities
Posted Monday, Oct 12, 2009, 1:12 pm in Employee News
Tata Motors Ltd., India’s biggest truckmaker, raised $750 million selling securities, allowing it to finish paying off debt from the takeover of Jaguar Land Rover, Bloomberg reported.
The size of the offering was increased 25 percent after the company met its initial fund-raising target in less than an hour, according to a stock exchange statement Friday, the news service said. The final sale comprised $375 million of global depository receipts and the same amount in convertible bonds, Bloomberg said.
Tata took advantage of demand for emerging-market stocks to help pare a 219 billion rupee ($4.7 billion) debt pile partly built up through its $2.5 billion purchase of Jaguar from Ford Motor Co. in 2008, the new service said. The automaker has more than tripled this year in Mumbai trading, the best performance on the Sensitive Index, helped by the debut of the Nano, the world’s cheapest car, the story said.(Bloomberg)
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Rick
Nitro Year: 2007 (1 of 113,000 sold)
Nitro Model: R/T 4X4 Stone White
CAT-BACK Exhaust, CAI, Projector Head Lamps
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