Tata Motors has said its INR4.147bn rights issue to part-finance the purchase of British brands Jaguar and Land Rover was fully subscribed with promoters picking up significant amounts of the stake.
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“The rights issue is 100% subscribed. The promoters have also bought shares… It is significant,” a Tata Motors spokesperson told the Press Trust of India.
But a British media report had said that promoters and underwriters were “forced to intervene heavily to prop up” the issue after “investors shunned the offering”.
The Financial Times quoted Tata Motors’ chief financial officer C Ramakrishnan as saying, “Given the unprecedented situation… Between the promoters and the underwriters, the issue had to be supported.”
Tata’s board had approved the rights issue for part funding its $US2.3bn JLR deal, which was completed in June this year.
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