Tata Motors to convert Zero Coupon Foreign Currency Convertible Notes into 4414916 shares

Tata Motors Ltd has announced with regards to issue and allotment of 44,14,916 Ordinary Shares of Rs 10/- each to be allotted on conversion of Zero Coupon Foreign Currency Convertible Notes aggregating to JPY (Japanese Yen) 11.46 billion due in 2011, that pursuant to the resolution passed by the Board of Directors, at its meeting held on January 29, 2010, the Company is inviting the existing noteholders of outstanding JPY Notes to submit applications in an auction to convert the JPY Notes into Ordinary Shares during the Auction Period upon the terms and conditions as set out in the invitation Memorandum.

The stock was trading at Rs.741, down by Rs.19 or 2.50%. The stock hit an intraday high of Rs.770.95 and low of Rs.739.30.

The total traded quantity was 585303 compared to 2 week average of 4921118.

Source : Equity Bulls

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