Tata Motors plans USD 250-500 million fund raise
Automobile giant Tata Motors shot up by over 2 per cent in Friday’s intraday trade session on the back of the company’s fund raise plans. The company announced on Thursday evening that it has proposed to raise funds worth USD 250-500 million via external commercial borrowing.
The proceeds from the fund raise is likely to be used for the refinancing a portion of the principal amount of the borrower’s notes as allowed under the ECB directives.
Meanwhile, the company’s wholly owned subsidiary Jaguar Land Rover posted a hike in its May sales figures by 6.1 per cent to 48281 units. The sales was majorly driven by the new models launched by the company, including the Range Rover Velar, the Jaguar E-PACE and the new Land Rover Discovery. During the month, Land Rover recorded a spurt of 6 per cent in its retail sales, while Jaguar’s sales rose by 6.6 per cent.
In Friday’s intra day trade, the stock hit its intraday high of Rs. 314 per share and its intraday low of Rs. 302.60 per share on BSE. The stock had touched its 52-week high of Rs. 470.60 per share on June 20, 2017 and its 52-week low of Rs. 282 per share on May 31, 2018, respectively.
At 1128 hours IST, the stock was trading at 313.70 per share, up by 2.75 per cent on Friday on BSE. Meanwhile, Indian benchmark index S&P BSE Sensex was trading at 25,377.73 level, down by 0.24 per cent and NSE Nifty50 was trading at 10,738.40 level, down by 0.28 per cent.