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Our Bureau

Mumbai, Aug. 29 Tata Motors said on Friday that the company will announce the details of its proposed rights issue including the price on September 2.

The company would determine detailed terms of the proposed rights issue of ordinary shares and ‘A’ ordinary shares aggregating up to Rs 4,200 crore, including the issue price on Tuesday, the company said in a notice to stock exchanges.

Tata Motors on August 20 announced revision of its earlier proposal to raise Rs 7,200 crore through rights issue in the light of adverse market conditions.

As part of its decision, the company has decided to scrap its proposed convertible preference share issue of Rs 3,000 crore.

Instead, in its place, the company proposed to divest some of its investments, preferably as inter-group sales wherever feasible, at prevailing market prices over the next six to eight months.

It had also decided to restrict the rights issue only to two simultaneous but unlinked securities namely — an issue of Ordinary Shares and an issue of ‘A’ Ordinary Shares having differential voting rights.

More Stories on : Outlook | Rights Issue | Cars | Tata Motors Ltd

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