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| Tata Motors launches CARS issue at Rs 961/share | | |
MUMBAI June 21
Tata Motors Ltd., today launched its convertible alternative reference securities issue aggregating $450 million. The CARS are priced Rs 961 per share, 40 per cent premium to closing price of Rs 686.90 on National Stock Exchange on Wednesday.
The zero coupon CARS will be convertible, at the option of the company, into either qualifying securities (which may be in the form of depositary receipts with restricted rights of withdrawal, with differential rights as to dividend or voting) or ordinary shares or American depositary shares.
Citigroup is the sole global coordinator to the issue and JP Morgan the joint book runner for the CARS, which will be listed on the Singapore Stock Exchange.
At maturity, any outstanding CARS will be redeemable at a premium of 31.82% of the principal.
Tata Motors is raising funds to meet the capital and product development expenditure for its commercial vehicle and passenger car businesses.
At 12:23 PM, the share was at Rs 691 on the BSE, up Rs 4.15 or 0.60% over Wednesday. The traded volume was 2,67,876 shares. In trade so far, the share has touched a high of Rs 697.50 and low of Rs 685.
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