Tata Motors to consider fund raising options on May 28
Home grown auto major Tata Motors today said it will discuss various options for raising long- term funds during the company's board meeting, scheduled for May 28.
By PTI |
MUMBAI: Home grown auto major Tata Motors today said it will discuss various options for raising long- term funds during the company's board meeting, scheduled for May 28.
The meeting of the board of directors would also consider audited annual accounts and dividend, if any, the firm said in a filing to the Bombay Stock Exchange.
The company had said on March 11 that it would raise additional long-term resources of up to Rs 4,000 crore through issue of appropriate securities in foreign and domestic markets.
Tata Motors had said that it has major growth plans for expanding its position in the domestic and global markets in commercial vehicle and passenger vehicle businesses.
"This will be achieved by upgrading and enhancing the company's product portfolio, expanding manufacturing facilities in India and strategic acquisitions/alliances in India and abroad.
"Whilst this may require incurrence of expenditure for organic growth over the next 3-4 years, the acquisition opportunities will have to be financed upfront," the filing had stated.
It added the said funds are being raised to part-finance overall funding requirements to meet some strategic plans.
Later that month, Tata Motors said it has entered into a definitive agreement with US car maker Ford to purchase of British luxury brands Jaguar Land Rover for USD 2.3 billion.
Shares of the company closed at Rs 688.85, up 1.55 per cent, on the BSE.
The meeting of the board of directors would also consider audited annual accounts and dividend, if any, the firm said in a filing to the Bombay Stock Exchange.
The company had said on March 11 that it would raise additional long-term resources of up to Rs 4,000 crore through issue of appropriate securities in foreign and domestic markets.
Tata Motors had said that it has major growth plans for expanding its position in the domestic and global markets in commercial vehicle and passenger vehicle businesses.
"This will be achieved by upgrading and enhancing the company's product portfolio, expanding manufacturing facilities in India and strategic acquisitions/alliances in India and abroad.
"Whilst this may require incurrence of expenditure for organic growth over the next 3-4 years, the acquisition opportunities will have to be financed upfront," the filing had stated.
ADVERTISEMENT
It added the said funds are being raised to part-finance overall funding requirements to meet some strategic plans.
Later that month, Tata Motors said it has entered into a definitive agreement with US car maker Ford to purchase of British luxury brands Jaguar Land Rover for USD 2.3 billion.
Shares of the company closed at Rs 688.85, up 1.55 per cent, on the BSE.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
