Jaguar Land Rover owner Tata Motors plans to raise INR75bn (US$1.2bn) through a rights issue.

The amount raised will be used to fund expansion and retire debt. The timing and price of the issue will be decided later.

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Prime Database chairman and managing director Prithvi Haldea said: “The price at which it is made should be attractive.”

The Economic Times said the company had consolidated debt of INR606.42bn as of September 2014.

Tata Motors plans to expand capacity by investing INR75bn in the next three years.

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