Tata Motors to raise long-term capital funds
23 June 2010
Tata Motors today announced that it intends to raise long-term capital funds and that it would consider various options at its board meeting scheduled for 28 June.
In two separate filings with the Bombay Stock Exchange (BSE), India`s largest automobile company said its board would meet on 28 June, to consider various options for raising long-term capital funds.
Tata Motors said it would publish the audited standalone results as well as the unaudited consolidated results for the first 3 quarters of FY 2010-11 after the board approved it.
Tata Motors had an equity capital of Rs50.64 crore and a market capitalisation of over Rs400 crore as of 22 June.
The Rs10 face value stock has outperformed the market (12.35 per cent against the sensex's 7.93 per cent) over the past one month, till yesterday. The stock gained 5.1 per cent over the last quarter against a 1.95 per cent rise in the Sensex.
The promoters' holding in Tata Motors' share capital dropped to 37 per cent as of 31 March 2010 from 38.08 per cent as on 31 December 2009. FIIs increased their stake in the company to 17.83 per cent from 15.67 per cent over the period, while mutual funds pared their holding of tat Motors stock to 2.15 per cent from 2.23 per cent.
The Tata Motors stock lost around 1 per cent and was trading at Rs790 in afternoon trade on the BSE. Volume of trade was 564,577 as at 2.50 pm.
Total volume of shares traded on the bourses was down 90.97 per cent at 564,577 against a 22-day average volume of 6,254,611.