Tata Motors to raise Rs41.5 billion

Tata Motors Ltd., India’s top carmaker, said it would raise Rs41.5 billion (US$892.37 million) through two rights issues of ordinary and Class A shares – that will close in late October. The company said it would offer one ordinary share at Rs340 (US$7.31) for every six held to raise Rs21.9 billion (US$470.91 million). Tata Motors said the proceeds would be used to make an early repayment of some of the short-term funding of its US$2.3 billion acquisition of Jaguar and Land Rover from Ford Motor Co. (September 2, 2008)