Tata Motors may raise $450mn in global markets

Mumbai: Tata Motors said on Wednesday it would be raising $450 million (about Rs1,800 crore) in the international market.

In a notice to stock exchanges, the company said that a committee of directors, at its meeting held on Wednesday, approved in principle the raising of additional long-term resources of $450 million.

The funds raised would go towards meeting the capital and product development expenditure related to company''s growth projects in its commercial vehicle business unit and passenger car business unit, the company said.

The company did not, however, specify the nature of the instrument (debt/equity/hybrid of equity and debt) that would be issued but confined itself to merely saying that it would issue "appropriate securities" to raise the amount.

At the National Stock Exchange, the Tata Motors scrip closed at Rs686.40.