Tata Motors says it has successfully completed its issue of shares totalling US$750m, comprising A ordinary shares aggregating US$ 550m and ordinary shares of US$200m.
The Indian manufacturer originally announced an offering of A ordinary shares and ordinary shares aggregating US$325m and US$200m respectively on 1 October, but due to “an overwhelming response from investors across India and internationally,” it decided to increase its issue.
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“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,” said Tata Motors CFO C Ramakrishnan
“This is another major milestone in our financing strategy and balance sheet de-leveraging.”
Citigroup Global Markets India Private and Credit Suisse Securities (India) Private were the book running lead managers for the issue.
Tata recently said it would use the proceeds primarily for debt reduction, capital expenditure, long-term working capital requirements, growth objectives and general corporate purposes.
