TML Holdings Pte Ltd, a wholly-owned subsidiary of Tata Motors, has raised $300 million (Rs 1,800 crore) through a debt securities issue. The company has issued and allotted an in-principle amount of 5.75 per cent senior fixed rate notes due 2021.
The net proceeds will be used to repurchase certain equity shares issued to Tata Motors and for general corporate purposes. Australia and New Zealand Banking Group Ltd, Bank of America Merrill Lynch, Citigroup and HSBC were joint lead managers and joint bookrunners to the issue, Tata Motors said in a statement.
“The response from investors for the issue was overwhelming, with the orders aggregating over $2 billion,” said Vijay B Somaiya, Head of Treasury & Investor Relations, Tata Motors.