Tata Motors, on Saturday, said it had raised Singapore $350 million (about Rs.1,525 crore) through the issue of securities in Singapore, mainly for redemption of preference shares.

“Tata Motors announces that TML Holdings Pte Ltd., a wholly-owned subsidiary of Tata Motors, issued and allotted S$3,50,000,000 in principal amount of 4.25 per cent senior notes due 2018,” the company said in a filing to the BSE.

The net proceeds from the issue would be used for the redemption of preference shares issued to Tata Motors and for general corporate purposes, it added.

The company said Australia and New Zealand Banking Group Ltd., Citigroup Global Markets Singapore Pte Ltd, Deutsche Bank AG, Singapore Branch and Standard Chartered Bank acted as joint lead managers and joint book-runners.

Earlier in January, Tata Motors-owned Jaguar Land Rover had raised $500 million (over Rs.2,600 crore) through the issue of bonds to support its operational costs and future growth plans.

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