Tata Motors completes $750 mn share sale issue
Tata Motors today said its share issue aggregating USD 750 million (Rs 3,351 crore) has been successfully completed.
By PTI |
NEW DELHI: Tata Motors today said its share issue aggregating USD 750 million (Rs 3,351 crore) has been successfully completed.
The issue comprising 'A' ordinary shares aggregating USD 550 million and ordinary shares aggregating USD 200 million has been subscribed 3.4 times, Tata Motors said in a filing to the Bombay Stock Exchange.
"The response is a reflection of the market confidence in the underlying performance and outlook of Tata Motors Group, including Jaguar and Land Rover and we are very grateful for the faith reposed by the investors," Tata Motors Chief Financial Officer C Ramakrishnan said.
"This is an another milestone in our financing strategy and balance sheet de-leveraging," he added.
A Committee of Board of Directors in a meeting held today decided to issue and allot 32,165,000 'A' ordinary shares at a price of Rs 764 per share and 83,20,300 scrips at a price of Rs 1,064 per share aggregating to a total issue size of Rs 3,351 crore.
Tata Motors had on October 4, increased the size of its institutional share sale to USD 750 million from USD 525 million.
The company had increased the amount to be raised through qualified institutional placement (QIP) on good response to the offer.
Earlier, the company had planned to raise USD 325 million through the issue of 'A' ordinary shares and USD 200 million through issue of ordinary shares.
The company intends to use the proceeds primarily for reducing debt, capital expenditure and long-term capital requirements, among other things.
Citigroup Global Markets India Private Limited and Credit Suisse Securities (India) Private Limited are the book running lead managers (BRLMs) to the offer.
Shares of Tata Motors were trading at Rs 1,155.25 on the BSE in afternoon trade today, up 0.48 per cent from the previous close.
The issue comprising 'A' ordinary shares aggregating USD 550 million and ordinary shares aggregating USD 200 million has been subscribed 3.4 times, Tata Motors said in a filing to the Bombay Stock Exchange.
"The response is a reflection of the market confidence in the underlying performance and outlook of Tata Motors Group, including Jaguar and Land Rover and we are very grateful for the faith reposed by the investors," Tata Motors Chief Financial Officer C Ramakrishnan said.
"This is an another milestone in our financing strategy and balance sheet de-leveraging," he added.
A Committee of Board of Directors in a meeting held today decided to issue and allot 32,165,000 'A' ordinary shares at a price of Rs 764 per share and 83,20,300 scrips at a price of Rs 1,064 per share aggregating to a total issue size of Rs 3,351 crore.
Tata Motors had on October 4, increased the size of its institutional share sale to USD 750 million from USD 525 million.
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The company had increased the amount to be raised through qualified institutional placement (QIP) on good response to the offer.
Earlier, the company had planned to raise USD 325 million through the issue of 'A' ordinary shares and USD 200 million through issue of ordinary shares.
The company intends to use the proceeds primarily for reducing debt, capital expenditure and long-term capital requirements, among other things.
Citigroup Global Markets India Private Limited and Credit Suisse Securities (India) Private Limited are the book running lead managers (BRLMs) to the offer.
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Shares of Tata Motors were trading at Rs 1,155.25 on the BSE in afternoon trade today, up 0.48 per cent from the previous close.
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