Tata Motors on Thursday said that its wholly owned subsidiary, TML Holdings Pte Ltd (TMLH), has raised $425 million (over Rs 3,100 crore) in unsecured notes, the proceeds of which will be used to refinance loan and other general corporate purposes.
TMLH is the holding company of JLR Automotive Plc (JLR), Tata Daewoo, Korea and a few other international operations of Tata Motors.
“On June 2, TMLH priced a $425-million 5NC2.5 year (a 5-year fixed-income security, non-callable for the first 2.5 years) fixed rate senior unsecured notes due in 2026,” the homegrown auto firm said in a communication to the stock exchanges on Thursday.
The company added that these notes will be issued at a coupon rate of 4.35 per cent on June 9 with a maturity date of June 9, 2026.
According to Tata Motors, the transaction received significant interest from investors across Asia and Europe with the final order book in excess of $2.2 billion, a subscription of over 5.1 times.
Britannia move
Britannia Industries’ board has approved a proposal to raise Rs 698.51 crore by issuing bonus debentures to eligible equity shareholders. The debentures will be redeemed after three years from the date of allotment.
