Tata Motors to raise USD 450 mn from Intnl market

Mumbai, Jun 20 (UNI) Automobile-major Tata Motors will raise USD 450 mn from the issue of appropriate securities in international market.

The Board of Directors of Tata Motors that met today, approved the capital-raising programme which will be carried out excluding the Green Shoe option.

''The committee of directors at its meeting held today has 'in principle' approved, subject to such other approvals as may be required, raising of additional long term resources of USD 450 million, excluding Green Shoe option by issue of appropriate securities in the international markets, on terms to be decided by the Board in due course,'' a comany release informed BSE.

The capital thus raised would be pumped in to meet the capital and product development expenditure related to company's growth projects that include Commercial Vehicle Business Unit, Passenger Car segment and for such other corporate purposes, said the release.

Tata Motors consolidated gross revenue had grown 36 per cent to Rs 36,987.82 crore for FY07 from past year's margin of Rs 27,263.73 crore.

The company had also posted a Profit After Tax (PAT) of Rs 2169.99 crore as compared to Rs 1728.09 crore, gaining a growth of 26 per cent.

UNI