Tata Motors reports 36 per cent jump in July sales; plans to raise $700 million
19 Aug 2010
Tata Motors, which reported a 36 per cent jump in its global sales in July, is reported to be planning to raise around $700 million through issue of shares having differential voting rights.
The shares so offered have one-tenth voting rights but are entitled to a 5 per cent extra dividend. The company may also consider issue of foreign currency convertible bonds and is expected to tap capital market in September, reports said.
Tata Motors reported total sales, including passenger cars and commercial vehicles, of 90,646 units in July 2010.
Sales of UK-based luxury brands Jaguar and Land Rover were up 30 per cent year-on-year at 19,386 units in July 2010, Tata Motors said in a statement.
Jaguar sales were up 26 per cent at 5,676 units while Land Rover sales grew at a higher 31 per cent to 13,710 units in July.
Total passenger vehicles sales grew 42 per cent year-on-year to 50,070 units in July 2010 while commercial vehicle sales were up 30 per cent at 40,576 units, the company said.