Tata Motors increases QIP Issue size to $750 million

Tata Motors Limited ("Tata Motors") had launched an issue of Ordinary Shares and 'A' Ordinary Shares through the Qualified Institutional Placement (QIP) route, for a base amount of US$525 million on October 1, 2010, comprising of US$200 million of Ordinary Shares and US$325 million of 'A' Ordinary Shares, with an option to increase the size of the offering of the 'A' Ordinary Shares to US$ 400 million. In view of the response received, the Committee of Directors today authorized that the size of the offering of the 'A' Ordinary Shares be increased from US$400 million to US$550 million. As such, the total size of the Ordinary Shares and 'A' Ordinary Shares placement would stand increased to US$750 million.

Citigroup Global Markets India Private Limited and Credit Suisse Securities (India) Private Limited are acting as the Book Running Lead Managers for the Offering.

The stock was trading at Rs.1138, up by Rs.19.15 or 1.71%. The stock hit an intraday high of Rs.1147.40 and low of Rs.1120.

The total traded quantity was 2.78 lakhs compared to 2 week average of 5.62 lakhs.

Source : Equity Bulls

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