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Tata Motors sets dates for $914 mn rights issue

Tata Motors sets dates for $914 mn rights issue
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First Published: Wed, Sep 24 2008. 03 37 PM IST
Updated: Wed, Sep 24 2008. 03 37 PM IST
Hong kONG: Tata Motors, India’s top vehicle maker, plans to open its Rs41.5 billion ($914 million) rights issue on 29 September, for shareholders on record as of 16 September, according to a term sheet obtained by Reuters.
The rights issue to ordinary and A-share stockholders will close on 20 October.
Tata has said that proceeds would be used to make an early repayment on some of the short-term funding of its $2.3 billion acquisition of Jaguar and Land Rover from Ford Motor Co. The $3 billion bridge loan expires in June 2009.
Among the banks involved in the offering are JM Financial, ICICI Securities, Citigroup and JPMorgan.
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First Published: Wed, Sep 24 2008. 03 37 PM IST
More Topics: Tata Motors | Rights | Issue | Money Matters | IPOs |