Tata Motors prices Yen 11.76bn offering

Tata Motors today announced the pricing of foreign currency convertible notes aggregating to Yen 11.76 billion.

According to a release issued by Tata Motors to the BSE today, the notes are expected to be listed on the Singapore Stock Exchange. "The notes are convertible into either ordinary shares or American Depository Shares at the option of the note holders. The notes would be convertible at a conversion price of Rs 1,001.39 per share - a premium of 30% to the company's closing share price on the BBSE on February 15, 2006," the release added.

The notes are zero coupon, and will be redeemable at a discount of 0.15% after the expiry of 5 years. The company has an option to redeem the notes after three years, subject to receipt of relevant approvals.