Tata Motors prices $450 million securities offering

Tata Motors Ltd on June 21, 2007 has announced that it has priced the issue of Foreign Currency Convertible Alternative Reference Securities ("CARS") aggregating to US$ 450 Million excluding green shoe option ("Issue"). Application will be made to list the CARS on the Singapore Stock Exchange.

The CARS will be convertible, at the option of the Company, into either Qualifying Securities (which may be in the form of depositary receipts with restricted rights of withdrawal, representing underlying ordinary shares, with differential rights as to dividend or voting) or ordinary shares or American Depositary Shares. The CARS will be convertible at an initial conversion price of Rs 960.96 per share, which is at a premium of 40% to the Company's closing share price on the National Stock Exchange of India Ltd as on June 20, 2007. The CARS are zero coupon and outstanding CARS, if any, at maturity will be redeemable at a premium of 31.82% of the principal amount.

The Issue was launched before market trading hours on June 21, 2007. Citigroup acted as the sole global coordinator to the Issue with JP Morgan being the joint book runner.