Tata Motors to raise $450mn from intl mkt

MUMBAI: Tata Motors on Wednesday said it will raise 450 million dollars (Rs 1,832 crore) from the international market to meet product development expenditure and fund other corporate projects.

The committee of directors, at its meeting on Wednesday gave in principle approval, for raising of additional long term resources of 450 million dollars, excluding green shoe option, by issue of appropriate securities in the international markets, Tata Motors told the Bombay Stock Exchange.

Tata Motors recently launched a mass transport passenger vehicle - Magic, developed on the platform of its popular mini truck Ace and a higher capacity van - Winger.

The company plans to roll out more variants in the commercial passenger vehicle segment and plans to invest Rs 5,000-6,000 crore over the next three years in the segment.

Shares of Tata Motors closed at Rs 686.90, up 3.53 per cent on the BSE.