Tata reviews funding plan of Jaguar, Land Rover take-overAugust 20th, 2008 - 11:25 pm ICT by IANS
Mumbai, Aug 20 (IANS) Auto major Tata Motors Wednesday said the company has reviewed its fund raising plan for the acquisition of luxury British car brands Jaguar and Land Rover because of the depressed capital market in India. In a filing with the Bombay Stock Exchange, the company said the financing plan of the deal, which was announced May 2 this year, has been reviewed considering the current situation of the capital market and price changes in the stock market since May 2008.
According to the new financing plan, the board has decided to keep the share capital as low as possible.
In May this year the company said Rs.72 billion would be raised through the capital market.
Tata acquired Jaguar and Land Rover from Ford motors for an all-cash deal of $2.3 billion.