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India’s Tata Motors cancels plans to sell Rs. 10 billion debentures
By Sarah Lizee
Olympia, Wash., May 7 – Tata Motors Ltd. withdrew its plans to sell Rs. 10 billion of redeemable nonconvertible debentures in three parts, according to a notice.
The company said the plans were withdrawn in view of the higher cost expectations from market participants due to the tight money market conditions.
Tata Motors said it has enough liquidity and will consider issuing nonconvertible debentures under normal market conditions, subject to necessary approvals.
As previously reported, the issue was set to include Rs. 5 billion of debentures due Sept. 30, 2022, Rs. 3 billion of debentures due Nov. 28, 2022 and Rs. 2 billion of debentures due Dec. 29, 2022.
The debentures would have been issued at par on a private placement basis.
The interest rates for each tranche were going to be determined after open book bidding on the Bombay Stock Exchange platform.
Crisil had assigned an AA- rating with a negative outlook to the issue.
Tata Motors is an automaker based in Mumbai.
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