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Tata Motors sells securities for $450 million

Tata Motors Ltd says it had sold foreign currency securities for $450 million, which would be converted at $23.6 a share.

autos Updated: Jun 21, 2007 12:24 IST
Reuters

Top truck maker, Tata Motors Ltd, said on Thursday it had sold foreign currency securities for $450 million, which would be converted at 960.96 rupees ($23.6) a share, a 40 per cent premium to its Wednesday's closing price.

The funds would be used for capital and product development expenditure, the company said.

First Published: Jun 21, 2007 12:22 IST