Tata Motors raises Rs 1,545 cr in Singapore notes

Tata Motors, India's biggest vehicle maker announced its wholly owned subsidiary, TML Holdings Pte Ltd, had issued and allotted S$350 million (Rs 1,545 crore) in principal amount of 4.25 per cent senior notes due 2018. The net proceeds from the issue will be used for the redemption of preference shares issued to Tata Motors Ltd and for general corporate purposes, stated a release from the company.

Australia and New Zealand Banking Group, Citigroup Global Markets Singapore Pte, Deutsche Bank AG, Singapore Branch and Standard Chartered Bank acted as joint lead managers and joint bookrunners.