Tata Motors to raise USD 525 mn via QIP

Tata Motors is raising USD 525 million via qualified institutional placement (QIP), reports CNBC-TV18's Swati Khandelwal Jain quoting sources.

Out of the total amount, the automobile company will raise USD 325 million via DVR and the rest by ordinary share issue.

Additionally it has an option to upsize its DVR issues to USD 600 million.

The ordinary share is priced at 3.5% discount to the current market price while DVR is priced at 4.5% discount to current price.

Citigroup Global Markets India Private Limited and Credit Suisse Securities ( India) Private Limited are acting as the Book Running Lead Managers for the offering.