Tata Motors raising $750 mn via share sale

Mumbai: Tata Motors said on Monday it had raised the size of an institutional share sale to $750 million from $525 million after it received a strong response.

The company had launched the share sale on Friday, with the aim of using proceeds to reduce debt and grow its business.

The vehicle maker had initially planned to raise $325 million by issuing shares with differential voting rights and $200 million by selling ordinary shares.

Credit Suisse and Citibank are the lead managers for the issue.

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