Tata Motors rights issue |
Weighed down by debt and losses in its India business, Tata Motors, the world`s fourth largest truck maker, plans to raise up to Rs 7,500 crores or nearly US 1.2 billion via a rights issue over the coming months. It will be the third such offering in the company`s history since it got listed in 1955. Tata Motors will approach shareholders for their approval to allow the vehicle manufacturer to issue new equity shares to reduce its debt load, which stood at Rs 60,774 crore as on September 30, 2014. The rights issue will be for both ordinary and class A (commonly called DVRs or differential voting rights) shareholders.
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