Tata Motors has launched an issue of Ordinary Shares and ‘A' Ordinary Shares through the qualified institutional placement (QIP) route, for a base amount of $525 million, comprising of $200 million of Ordinary Shares and $325 million of ‘A' Ordinary Shares, with an option to upsize the ‘A' Ordinary Shares to $400 million.
The company intends to use the proceeds primarily for its debt reduction programme, capital expenditure, long-term working capital requirements, growth objectives, general corporate purposes and any other purpose as may be permissible under applicable law, a company release said.
According to the release, the issue is being carried out in accordance with shareholders' approval through a postal ballot.
