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Tata Motors raises $750 million
India’s largest commercial vehicle maker Tata Motors has raised $750 million (about Rs 3,600 crore) through global depository issues
(GDRs) and convertiblebonds to pay off rest of the debt it incurred for acquiring UK’s iconic brands Jaguar and Land Rover.
The issue comprised GDRs for $375 million and an equal amount in convertible bonds. The size of the offering was increased by 25%, as the initial fund-raising target closed in less than an hour following robust
investor demand.
“The offering will augment our long-term resources, help us de-leverage and provide us with financial flexibility to pursue our strategic goals,” said CFO CR Ramakrishnan.
Tata Motors had taken a bridge loan of $3 billion in 2008 to acquire the two brands. It had repaid the rest of the loan through a debt issue and stake sale so far.
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