Tata Motors raises $450 million in foreign currency convertible securities

Mumbai: Tata Motors has raised $450 million through issue of Foreign Currency Convertible Alternative Reference Securities (CARS) in the international markets.

The $450 million is excluding the green shoe option and Tata Motors said, "application will be made to list the CARS on the Singapore Stock Exchange".

The funs will meet product development expenditure and other corporate projects, the company said in filing with the Bombay Stock Exchange (BSE).

The issue is priced at an initial conversion price of Rs960.96 per share, Tata Motors said in the filing.

The initial conversion price of Rs960.96 per share, is at a 40 per cent premium to the company''s closing share price on the National Stock Exchange as of June 20, it added.

Citigroup is the sole global coordinator with JP Morgan being the joint book runner for the issue.