New Delhi: Almost two months after Tata Motors Ltd stopped accepting bookings for the Nano, the company said it had finished the process of making the first 100,000 allotments. It had received a total of 206,703 bookings.
While accepting bookings, Tata Motors had given applicants the option of being placed on a waiting list. An additional 55,021 individuals have been placed on the list, it said in a release.
Tata Motors will retain the money put up by the wait-listed applications. In return, it plans to pay them an interest of 8.5% per year if the car is delivered within two years starting 23 June, and 8.75% if they receive the car after that. At the Rs94,000 booking amount that Tata collected for the base version of the car, the company is expected to retain at least Rs517 crore for the next 18 months, at least 3 percentage points below its present cost of financing.
Deliveries for the 100,000 short-listed allottees start next month and the company expects to complete them by the fourth quarter of 2010.