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Our Bureau

Mumbai, Sept. 29 The stocks of Tata Motors Ltd, whose rights issue opened on Monday, fell by 4.67 per cent on the BSE.

While the scrip touched an intra-day high of Rs 375, it recorded a low of Rs 348.50 before closing at Rs 355.85.

The company has come out with the rights issue for raising about Rs 4,145.8 crore to part finance the buyout of British luxury brands Jaguar and Land Rover.

The company will come out with two unlinked rights issues, which will close on October 20.

The company would offer ordinary shares at a price of Rs 340 a share, aggregating to Rs 2,185.3 crore. Allotment of A ordinary shares with lower voting rights would be at Rs 305 and would amount to Rs 1,960 crore.

Tata Motors would allot shares in the ratio of one share for every six equity shares of Rs 340 each held in the company.

Also equity shares with lower voting rights would be entitled to five per cent extra dividend, the company had said in a release earlier.

More Stories on : Stocks | Rights Issue | Tata Motors Ltd

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