Investors back Tata Motors' innovative CB
The truck and auto manufacturer raises $450 million from the sale of "CARS" that are structured to limit the dilution for the Tata Group.
Indian car and truck manufacturer Tata Motors last night raised $450 million for capital expenditures and overseas investments from a convertible bond issue that was structured to minimise the potential dilution for the controlling shareholder.
This will be achieved by having the five-year, zero-coupon bonds convert into a security with different voting rights û potentially none at all û than the companyÆs common shares and which consequently will be non-fungible with the underlying stock. The company doesnÆt yet have any...
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