Tata Mo­tors In­dia seeks share­hold­ers' nod for Rs7,500 crore rights is­sue

The Pak Banker - - COMPANIES/BOSS -

MUMBAI: Tata Mo­tors Ltd, on Tues­day, said it will seek ap­proval from its share­hold­ers for rais­ing up to Rs.7,500 crore through a rights is­sue in or­der to re­duce the debt on its bal­ance sheet. In a fil­ing to BSE, Tata Mo­tors said the company has de­cided to seek ap­proval of the share­hold­ers' through a postal bal­lot for rais­ing funds, up to Rs.7,500 crore through a rights is­sue of or­di­nary shares and so-called ' A' or­di­nary shares (hav­ing dif­fer­en­tial rights as to vot­ing and div­i­dend), for meet­ing the company's growth plans as well as for re­duc­ing the debt on its bal­ance sheet. "The quantum, pric­ing and tim­ing of the is­sue will be de­cided at a later point in time, de­pend­ing upon the mar­ket con­di­tions post share­hold­ers' and other ap­provals," the company said in the fil­ing. The con­sol­i­dated debt of Tata Mo­tors, as on 30 Septem­ber 2014, stood at Rs.60,773.67 crore.

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