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 Mumbai:
Tata Motors has raised $450 million through issue of Foreign Currency Convertible
Alternative Reference Securities (CARS) in the international markets.
The
$450 million is excluding the green shoe option and Tata Motors said, "application
will be made to list the CARS on the Singapore Stock Exchange". The
funs will meet product development expenditure and other corporate projects, the
company said in filing with the Bombay Stock Exchange (BSE). The
issue is priced at an initial conversion price of Rs960.96 per share, Tata Motors
said in the filing. The
initial conversion price of Rs960.96 per share, is at a 40 per cent premium to
the company''s closing share price on the National Stock Exchange as of June 20,
it added. Citigroup
is the sole global coordinator with JP Morgan being the joint book runner for the issue. Tata
Motors plans to roll out more variants in the commercial passenger vehicle segment
and will invest Rs5,000-6,000 crore over the next three years in the segment.
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