Mumbai
Tata Motors will wipe out its total debt of $3 billion it took for the acquisition of Jaguar and Land Rover (JLR) by raising funds through rights issue, long term bonds, global depository receipts (GDR) and divestment.
Speaking with the media persons on Monday Mr Ravi Kant, vice-chairman, Tata Motors said: “In the last few months we have raised Rs 13,600 crores by way of right issue (Rs 4,200 crore), long term bonds (Rs 4,200 crore), GDR (Rs 3,500 crore) and divesting the stake in Tata Steel (Rs 1,700 crore). Due to this fund raising activity Tata Motors is in a position to nullify the total debt of $3 billion in the next two to three days.”
Citing the impact of the financial meltdown he said that it was remarkable that they have been successful in repaying the entire debt they had taken to finance the JLR in the span of 15 months. Meanwhile, Tata Motors has also seen a revival in demand in the commercial vehicle segment that boosted its profits during the second quarter of the current fiscal.
Tata Motors’ net profit rose to Rs 729 crore during the second quarter of this fiscal up by 110.1 per cent from Rs 346.99 crore during the same period last year. The company is about to launch its ambitious World Truck in India and South Korea simultaneously in the next two weeks.
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