Tata Motors Ltd approves Right Issue and Buy-Back of NCDs

A meeting of the Board of Directors of Tata Motors Ltd will be held on March 25, 2015, to consider and approve the detailed terms of the proposed rights issue of the Ordinary shares and 'A' Ordinary shares ("the Securities") aggregating upto Rs. 7,500 crores, including the issue price, rights entitlement ratio and the Book closure for issuance of the Securities to the existing shareholders of the Company.

The Board will also approved the Buy-back of Secured Non-Convertible Debentures (ISIN:INE155A07193) issued by the Company in May 2009, maturity date being March 31, 2016, face value of Rs. 1250 crores, as part of its Debt restructuring programme to ensure a healthy debt equity mix, balanced maturity profile, better terms that would include lower cost of debt.

Shares of TATA MOTORS LTD. was last trading in BSE at Rs.550.9 as compared to the previous close of Rs. 547.6. The total number of shares traded during the day was 185040 in over 8522 trades.

The stock hit an intraday high of Rs. 557.4 and intraday low of 547.85. The net turnover during the day was Rs. 102175828.

Source : Equity Bulls

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