Tata Motors rights issue closes on Oct 20
Tata Motors' rights issue for raising Rs 4,147 crore to part finance the acquisition of British luxury brands Jaguar and Land Rover closed on Monday.
By PTI |
NEW DELHI: Tata Motors' rights issue for raising Rs 4,147 crore to part finance the acquisition of British luxury brands Jaguar and Land Rover closed on Monday.
The company, which came out with two unlinked rights offerings on September 29 closed th issue today, Tata Motors said in a public advertisement to its shareholders.
Under the offer the company alloted shares in the ratio of one fresh share for every six equity shares of Rs 10 each held in the company.
Last month the company' board had approved raising of Rs 4,147 crore on rights basis for part funding its USD 2.3 billion Jaguar-Land Rover deal, which was completed in June this year.
Under the rights issue, the company offered ordinary shares at a price of Rs 340 per share, aggregating Rs 2,186 crore. Further, it alloted 'A' ordinary shares (shares with lower voting rights) at a price of Rs 305 a piece, amounting Rs 1,961 crore.
The equity shares with lower voting rights would be entitled to five per cent extra dividend, it had said.
Last month, the home-grown auto major had re-worked its plans to raise Rs 7,200 crore long-term capital funds due to volatile stock market conditions.
The company had said that it would not raise Rs 3,000 crore through issue of convertible preference shares.
Since the beginning of the rights issue on September 29, the shares of Tata Motors plunged 31.46 per cent from Rs 335.85. It had touched the 52 week low of Rs 232.65 on Oct 20 on the Bombay Stock Exchange.
Shares of Tata Motors closed at Rs 243.90, up 0.21 per cent on the BSE today.
The company, which came out with two unlinked rights offerings on September 29 closed th issue today, Tata Motors said in a public advertisement to its shareholders.
Under the offer the company alloted shares in the ratio of one fresh share for every six equity shares of Rs 10 each held in the company.
Last month the company' board had approved raising of Rs 4,147 crore on rights basis for part funding its USD 2.3 billion Jaguar-Land Rover deal, which was completed in June this year.
Under the rights issue, the company offered ordinary shares at a price of Rs 340 per share, aggregating Rs 2,186 crore. Further, it alloted 'A' ordinary shares (shares with lower voting rights) at a price of Rs 305 a piece, amounting Rs 1,961 crore.
The equity shares with lower voting rights would be entitled to five per cent extra dividend, it had said.
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Last month, the home-grown auto major had re-worked its plans to raise Rs 7,200 crore long-term capital funds due to volatile stock market conditions.
The company had said that it would not raise Rs 3,000 crore through issue of convertible preference shares.
Since the beginning of the rights issue on September 29, the shares of Tata Motors plunged 31.46 per cent from Rs 335.85. It had touched the 52 week low of Rs 232.65 on Oct 20 on the Bombay Stock Exchange.
Shares of Tata Motors closed at Rs 243.90, up 0.21 per cent on the BSE today.
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