Tata Motors said that it issued 2,99,04,306 new equity shares in the form of Global Depositary Shares (GDS), at a price of $12.54 per GDS, totaling $375 million and 3,750 4% coupon convertible notes due 2014 at a price of $1,00,000 per note totaling to $375 million. These GDSs and notes together totaling to $750 million will be listed on the Luxembourg Stock Exchange.
The company said that the offering was successfully executed against the backdrop of volatile equity market conditions with strong investor interest resulting in the book being closed in less than an hour from launch generating demand of $1.25 billion from 40 investors. The deal size was up sized from a base of $600 million to $750 million.
Citigroup Global Markets, Credit Suisse and JP Morgan are acting as joint book-runners for the offering.
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