Tata Motors rose 1.58% to Rs 423.10 at 15:16 IST on BSE after the company said its wholly owned subsidiary issued and allotted $300,000,000 in principal amount of 5.75% senior fixed rate notes due 2021.
The announcement was made during trading hours today, 8 May 2014.
Meanwhile, the S&P BSE Sensex was up 28.94 points or 0.13% at 22,352.84.
On BSE, so far 1.41 lakh shares were traded in the counter as against average daily volume of 4.84 lakh shares in the past one quarter.
The stock hit a high of Rs 423.90 and a low of Rs 417.55 so far during the day. The stock had hit a record high of Rs 437.70 on 11 April 2014. The stock had hit a 52-week low of Rs 263.10 on 27 June 2013.
The stock had outperformed the market over the past one month till 7 May 2014, surging 3.29% compared with the Sensex's 0.09% fall. The scrip had also outperformed the market in past one quarter, jumping 15.41% as against Sensex's 9.56% rise.
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The large-cap company has equity capital of Rs 643.72 crore. Face value per share is Rs 2.
Tata Motors said that TML Holdings Pte, a wholly owned subsidiary of the company has issued and allotted US$300,000,000 in principal amount of 5.75% senior fixed rate notes due 2021 (Notes). The net proceeds from the Notes will be used to repurchase certain equity shares issued to Tata Motors and for general corporate purposes, Tata Motors said. Australia and New Zealand Banking Group, Bank of America Merrill Lynch, Citigroup and HSBC have acted as joint lead managers and joint bookrunners, Tata Motors said in a statement.
Mr Vijay B Somaiya, Head of Treasury & Investor Relations, Tata Motors said, "The response from investors for the Issue was overwhelming, with the orders aggregating over $2 billion. We thank the investors for their confidence and support".
Tata Motors said that this announcement does not constitute nor form a part of any offer or solicitation to purchase or subscribe for securities in Singapore, India or elsewhere. The Notes, when offered, will not be sold or made the subject of an invitation for subscription or purchase, whether directly or indirectly, to any person in Singapore other than (i) to an institutional investor pursuant to Section 274 of the Securities and Futures Act (Chapter 289 of Singapore) ("SFA"), (ii) to a relevant person pursuant to Section 275(1), or any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275, of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, Tata Motors said in a statement.
The Notes, have not been and will not be sold or made the subject of an invitation for subscription or purchase, whether directly or indirectly, to any person in India, Tata Motors said in a statement.
Tata Motors said that the Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the laws of any state of the United States. Consequently, the Notes may not be offered, sold or otherwise transferred within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state laws, the company added. No public offering of the Notes is being or will be made in the United States. Tata Motors said in a statement.
On a consolidated basis, Tata Motors' net profit surged 195.2% to Rs 4804.80 crore on 38.7% growth in net sales to Rs 63536.06 crore in Q3 December 2013 over Q3 December 2012.
Tata Motors is India's largest automobile company, with consolidated revenues of Rs 188818 crore in 2012-13. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand, South Africa and Indonesia. Among them is Jaguar Land Rover, the business comprising the two iconic British brands. It also has an industrial joint venture with Fiat in India. With over 8 million Tata vehicles plying in India, Tata Motors is the country's market leader in commercial vehicles and among the top in passenger vehicles. It is also the world's fifth largest truck manufacturer and fourth largest bus manufacturer. Tata cars, buses and trucks are being marketed in several countries in Europe, Africa, the Middle East, South Asia, South East Asia, South America, CIS and Russia.
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