Tata Motors To Raise $750 Million

October 09, 2009

India's Tata Motors announced that it plans to issue 29.9 million new Global Depository Shares at $12.54 per share to raise $375 million. The company also plans to raise another $375 million by issuing four percent coupon convertible notes at $100,000 per note, due in 2014 The total $750 million raised will be used to help pay down a $3 billion bridge loan that was due in June that the company had taken out to acquire Jaguar and Land Rover from Ford Motor Company.