Tata Motors on Tuesday said its share issue aggregating $750 million (R 3,351 crore) has been successfully completed.
The issue comprising “A” ordinary shares aggregating $550 million and ordinary shares aggregating $200 million has been subscribed 3.4 times, the company said in a filing to the Bombay Stock Exchange.
“The response is a reflection of the market confidence in the underlying performance and outlook of Tata Motors Group, including Jaguar and Land Rover and we are very grateful for the faith reposed by investors,” said C. Ramakrishnan, chief financial officer.
“This is an another milestone in our financing strategy and balance sheet de-leveraging.”
The company intends to use the proceeds primarily for reducing debt, capital expenditure and long-term capital requirements, among others.