AZB completes Tata Motors 750 million GDR

Partner Vishnu Jerome of AZB & Partners Mumbai led the capital markets team advising on the $750 million issue (Rs. 3,600 crores) of foreign currency convertible bonds (FCCBs) and global depository receipts (GDRs) by Tata Motors. Tata Motors, which had taken out a massive $3 billion (Rs. 14,400 crores) bridge loan to acquire the Jaguar and Land Rover brands in 2008, has so far raised funds to repay the loan by means of a stake sale of 5 million shares in Tata Steel in September and fixed deposit schemes to the tune of Rs. 1,500 crores ($312 million) in August. The money raised through the FCCBs and GDRs will be used to pay off the remainder of the loan amount. Sullivan & Cromwell acted as the international advisors to the issue.