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Business News/ Companies / Tata Motors raises Rs4,200 cr in debentures
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Tata Motors raises Rs4,200 cr in debentures

Tata Motors raises Rs4,200 cr in debentures

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Mumbai: Tata Motors Ltd, India’s leading vehicles maker, has raised Rs4,200 crore ($884 million) through an issue of non-convertible rupee debentures, the company said.

The funds will be used to partly repay a $3 billion bridge loan Tata Motors had raised last year to acquire marquee brands Jaguar and Land Rover, the company said late on Wednesday.

It had already repaid $1.11 billion of the loan and the remainder is due for repayment on 2 June.

The debentures, issued in four tranches with maturities ranging from 23 to 83 months, carry a coupon rate of 2% and have been guaranteed by the State Bank of India, the company said.

The issue was book-built and the maturity yield for the 23-month tranche was fixed at 6.75%, for the 47-month tranche at 8.4%, for the 59-month tranche at 8.45% and 10% for the 83-month tranche.

State Bank had issued a master guarantee for Rs4,900 crore.

Citigroup and Tata Capital were the lead arrangers for the issue.

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Published: 21 May 2009, 10:28 AM IST
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