India Tata Motors converts $345 mln bonds to shares

Newswire

MUMBAI, March 31 (Reuters) - Tata Motors , India's largest vehicle maker, has retired $345 million debt by offering its foreign currency bondholders the option to convert earlier at a reduced conversion price. In a statement issued late Tuesday, the maker of the ultra-cheap Nano cars said the offer was well received with bondholders representing 93 percent of yen-denominated bonds and 76 percent of dollar-denominated bonds opting to convert their bonds into ordinary shares. The company ...

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