Tata Motors to raise additional funds

MUMBAI: At a board meeting of the company held today, the Tata Motors' Board, inter alia, decided to seek shareholders' approval through a postal ballot for raising funds equivalent to about Rs.4,700 crores through a combination of issue of ordinary shares, 'A' Ordinary Shares, Convertible Bonds, Debentures, Warrants or other equity linked instruments in the domestic and/or international markets in one or more tranches. The above fund raising proposals will be for meeting the company's growth plans as well as for reducing the debt on its balance sheet.The timing and structure of the issues will be decided depending upon market conditions post Shareholders' and other approvals. The Board also considered appropriate to seek shareholders' approval for raising the limits for borrowings and for creation of security on the company's properties from Rs.20,000 crores to Rs.30,000 crores.