Tata Motors sets dates for $914 mn rights issue

Tata Motors sets dates for $914 mn rights issue

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.