Tata Motors fixes rights issue price at Rs 450 a share

Tata Motors on Wednesday fixed the issue prices of two different types of shares at Rs 450 and Rs 271 per scrip for its proposed Rs 7,500 crore rights issue.

At a meeting of the company's board held on Wednesday also approved buy-back of secured non-convertible debentures issued in May 2009 of face value of Rs 1,250 crore that mature on March 31, 2016, as part of its debt restructuring programme.

In a filing to the BSE, the company's board approved fixing of issue price for ordinary share at Rs 450 per share, including premium of Rs 448 per ordinary share.

For 'A' ordinary share, the price has been fixed at Rs 271 per share, including premium of Rs 269, it added.

The company will offer a total of up to 15,06,44,759 ordinary shares and 2,65,30,290 'A' ordinary shares.