Tata Motors unit raises over Rs 1,500 crore via securities

Tata Motors said on Saturday that it has raised 350 million Singapore dollars (about $280 million or Rs 1,525 crore) through 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 homegrown auto major said in a filing to the BSE.

Net proceeds from the issue will 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 bookrunners.

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