Corporate
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Overseas Borrowings
Tata Motors prices FCCN at Rs 1,001.39
Our Bureau
Mumbai
,
Feb. 16
TATA Motors Ltd said on Thursday that it has priced the issue of foreign currency convertible notes aggregating to 11.76 billion yen.
The notes are expected to list on the Singapore Stock Exchange. They are convertible into either ordinary shares of the company or American Depository Shares representing ordinary shares of the company at the option of the note-holders.
The notes will be convertible at a conversion price of Rs 1,001.39 per share, which is at a premium of 30 per cent to Tata Motors' closing share price on the BSE on Wednesday. "The notes are zero coupon and will be redeemable at a discount of 0.15 per cent after the expiry of a period of five years. The company has an option to redeem the notes after three years, subject to receipt of relevant approvals," an official statement said.
When contacted, a company spokesperson said the current round of fund raising followed the March 2004 approval gained for raising up to $500 million subsequent to which the company had issued FCCBs for $400 million in two tranches in April 2004. "The latest round for $100 million completes that process," he said.
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