Tata Motors has raised Rs 3351 crore via Qualified Institutional Placement (QIP) issue. The Board of Directors of the Company has decided to close the bid for the today (07 Oct 2010 ).
Late last week, Tata Motors had launched an issue of Ordinary Shares and ‘A’ Ordinary Shares that carry differential voting rights through the QIP route, for a base amount of US$525mn.
The QIP originally comprised of US$200mn of Ordinary Shares and US$325mn of ‘A’ Ordinary Shares, with an option to up the size of the ‘A’ Ordinary Shares to US$400mn.
The QIP issue was carried out in accordance with the authority accorded by the shareholders of the Company, vide postal ballot dated August 10. These shares are proposed to be listed on both the BSE and the NSE.
Citigroup Global Markets India and Credit Suisse Securities India are acting as the Book Running Lead Managers for the offering.
Tata Motors intends to use the proceeds primarily for its debt reduction program, capital expenditure, long term working capital requirements, growth objectives, general corporate purposes and any other purposes as may be permissible under applicable law.
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