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Wednesday, August 26, 2009

Tata Motors invites FDs from public to raise Rs 1,500 cr

Within less than a year, the country's largest auto maker, Tata Motors, has come to the public for the second time to raise about Rs 1,500 crore via fixed deposit schemes, offering up to 9.88 per cent annual interest for a three-year deposit.

In a public announcement, the firm today said on a minimum fixed deposit of Rs 20,000 for two and three years, it would offer 8 per cent and 8.75 per cent interest respectively under the quarterly income plan.

Under another scheme of cumulative deposit plan, Tata Motors, which met with cold response from investors to its two separate rights issues last year to raise Rs 4,147 crore to partly fund its Jaguar and Land Rover deal, would offer 8.58 per cent interest on a minimum deposit of Rs 20,000 for two years and 9.88 per cent for three years.

Though the company has not said how much it plans to raise through this exercise, sources close to the development said Tata Motors is likely to raise about Rs 1500 crore from the public. It would be a part of the company's capex plan for the next few years.


source: ET

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