Tata Motors raise US$450 million in the International Market

Tata Motors Ltd has announced that the Committee of Directors, at its meeting held on June 20, 2007, has in principle approved, subject to such other approvals as may be required, raising of additional long term resources of US$ 450 million, excluding Green Shoe option by issue of appropriate securities in the international markets, on terms to be decided by the Board / Committee of the Board in due course.

The said funds are being raised to meet the capital and product development expenditure related to Company"s growth projects in its Commercial Vehicle Business Unit and Passenger Car Business Unit and for such other corporate purpose as may be permitted under applicable laws.

The stock closed the day at Rs.686.90, up by Rs.23.45 or 3.53%. The stock hit an intraday high of Rs.690 and low of Rs.666. The total traded quantity was 519602 compared to 2 week average of 355254.

Source : Equity Bulls

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