Tata Motors is raising £1 billion pounds or about Rs 7,300 crore by issuing bonds denominated in dollar and pound sterling, through its overseas subsidiaries under the Jaguar Land Rover umbrella. The money will be used to refinance existing debt and for general corporate purposes. The move comes at a time when JLR’s performance has steadily improved, with rising cash flows allowing it to service debt on its own.
Hindustan Construction Company will seek its board’s approval to raise long term funds to meet its capital expenditure and growth plans. The agenda for the April 24 board meet was to approve its financial results. It has been expanded now, and the board will also consider the company’s plan to raise funds through an equity issue, including a rights issue.