According to Tata Motors Ltd, its subsidiary TML Holding Pte Ltd had extended and budgeted S$350 million or US$280 million of senior notes that has a maturity on 2018. Tata Motors, a division of the salt-to-steel corporation Tata Group, disclosed on Saturday in a statement that the senior notes have an interest of 4.25%.
The said notes will not be sold or made part of an invitation for subscription or purchase, be it directly or indirectly within India.
The net revenue of the senior notes will be allotted for the redemption of preference shares that was released to Tata Motors while the rest of the amount will be allocated for the financial requirements of the company's expenditure, said the company.
Australia and New Zealand Banking Group Ltd together with Citigroup Global Markets Singapore PVT Ltd, Deutsche Bank AG- Singapore Branch and Standard Chartered Bank will all be working together as the joint lead manager and joint bookrunners respectively.
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