Tata Motors repurchases FCCBs worth US$17 million

Tata Motors Ltd has announced that the Company has purchased and extinguished the Foreign Currency Convertible Bonds on March 31, 2009.

The company repurchased 170 Zero Coupon Convertible Alternative Reference Securities (due 2012), of the face Value US $ 1,00,000 each aggregating $ 17,000,000 at the average price of 50.375%. Subsequent to this repurchase, the outstanding Bonds would reduce from $ 490 million to $ 473 million.

The company repurchased 30 Zero Coupon Convertible Notes (due 2011), of the face value of JPY 10,000,000 each aggregating JPY 300,000,000 at an average price of 54.27%. Subsequent to this repurchase, the outstanding Bonds would reduce from JPY 11760 million to JPY 11460 million.

The stock closed the day at Rs.252.20, up by Rs.27.05 or 12.01%. The stock hit an intraday high of Rs.259.45 and low of Rs.228.20.

The total traded quantity was 1660568 compared to 2 week average of 2267067.

Source : Equity Bulls

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