Tata Motors Ltd, India’s top vehicle maker, said on Wednesday it would scrap a planned Rs 3000 crores($686 million) convertible preference share issue due to weak stock markets and instead raise funds by selling some investments.
However the plan to sell rights shares worth Rs 4200 crores stands, said the company, which is raising money to fund its $2.3 billion acquisition of Jaguar and Land Rover from Ford Motor Co. More
Courtesy: www.indiacar.net
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